China National Offshore Oil Corporation (CNOOC) said on Thursday its profits hit $3.71 billion (25.48 billion yuan), climbing 57 percent year-on-year in the first half of 2018, having been boosted by higher crude prices and robust gas sales.
However, total crude oil and gas output was stagnant in H1, the company said. Crude oil output from China’s domestic oil fields fell to 128 million barrels in the first half from 134 million barrels in the same period of 2017 due to the aging of the Bohai Rim Field and the maintenance of two drilling ships.
“We sent two offshore drilling ships for maintenance in the first half, affecting 7 million barrels of oil production,” a CNOOC executive said at the earnings press briefing. He said the company was targeting crude output of 30 million tons a year from its Bohai Rim oil fields.
It also has plans to increase crude output, after the Chinese government ordered state energy firms to increase output to help enhance national energy security.