CNOC Posts Record First-Half Profit
Key Takeaways
- CNOC's first-half profit more than doubled.
- The company benefited from higher oil and gas prices.
- CNOC is accelerating the construction of major projects.
Profit Surges on Higher Prices
Chinese offshore oil and gas major CNOC posted a record net profit of 116.2 billion yuan ($17.1 billion) in the first half of 2024, more than double the 52.2 billion yuan it earned in the same period last year.
The strong performance was driven by higher oil and gas prices, which have been rising due to the war in Ukraine and the global economic recovery.
CNOC's revenue for the first half of the year rose 18% to 226.8 billion yuan.
Projects and Outlook
CNOC is accelerating the construction of major projects, including the Bohai Bay Hailong field and the Lingshui 17-2 gas field.
The company is also expanding its international operations, with projects in countries such as Brazil, Canada, and Norway.
CNOC's chairman, Wang Dongjin, said the company is "confident in achieving our production and operation targets for the full year."
Conclusion
CNOC's strong first-half results reflect the company's continued strength in the global oil and gas market.
The company's focus on major projects and its expansion into new markets will likely continue to drive growth in the years to come.
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