CNOOC Generates Revenue of 2.5 Billion US Dollars in 2001

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Last updated at: (Beijing Time) Thursday, March 28, 2002

CNOOC Generates Revenue of 2.5 Billion US Dollars in 2001

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China National Offshore Oil Corp (CNOOC) Limited Wednesday announced that the company generated a revenue of 20.8 billion yuan (2.5 billion U.S. dollars)last year, while net profit totaled 8 billion yuan (966 million U.S. dollars).

Speaking at a briefing after announcing the results, CNOOC's Chairman Wei Liucheng said the company put much effort in cutting costs and boosting production in a bid to minimize the negative impact from the fall in global oil prices.

"Despite a 17.3 percent year-over-year decrease in realized oilprices, oil and gas sales fell only 6.7 percent to 17.6 billion yuan (2.1 billion U.S. dollars), helped by a 9.2 percent production increase," he said.

Wei noted that the average realized oil price for the company was 28.34 U.S. dollars per barrel in 2001, compared with 28.21 U.S.dollars a year earlier.

He was, however, optimistic about the company's steady growth in net profit in 2002, based on the 30-35 percent growth in its oil production and an oil price of 18 U.S. dollars per barrel thisyear.

Wei said CNOOC will continue to seek operating efficiency improvements with an aim to maintain all-in costs of offshore China production in the range of 8.5-9.0 U.S. dollars per barrel.

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