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CNOOC reports sharp profit rise in H1

Xinhua, August 26, 2015 Adjust font size:

China National Offshore Oil Corporation (CNOOC), one of the country's three fuel producers, reported good profit growth on Wednesday, despite prolonged weakness in oil prices.

The company's net profits increased 56.1 percent in the first half of 2015 to 14.7 billion yuan (2.3 billion U.S. dollars), according to its interim financial report.

CNOOC's net production of oil and gas grew 13.5 percent in the first six months to 240 million barrels of oil equivalent.

Chairman Yang Hua said CNOOC's efforts to reduce costs and enhance efficiency in development and production operations achieved "outstanding results," and oil and gas production significantly increased year on year.

"Under the low oil price environment, the company was able to maintain its profitability and healthy financial position," said Yang. Endi