CNOOC 1H profit down 19 percent on shutdown, costs
Associated Press, Hong Kong | Business | Tue, August 21 2012, 12:14 PM
CNOOC Ltd., one of China's three major state-owned oil producers, says first-half profit fell 19 percent as it grappled with rising costs and a drop in production from an oil spill in China's Bohai Bay.
The Beijing-based company made news in July with its US$15 billion offer for Canadian oil and gas producer Nexen Inc., which was the latest sign of China's hunger for overseas energy assets.
The company is China's biggest offshore oil and gas producer. On Tuesday, it posted first-half profit of 32 billion yuan ($5 billion), or 0.71 yuan (12 U.S. cents) a share. That's down from 39.3 billion yuan, or 0.88 yuan a share, from the year before.
CNOOC said net oil and gas production fell 4.6 percent because of the spill-related shutdown.
