Offshore Oil Company Gains 4.9bn Yuan in ProfitsTaking full advantage of high crude prices, CNOOC Ltd., China's largest offshore oil producer, has earned net profits of 4.9 billion yuan (US$593.8 million) in the first half of this year.According to the announcement of the company's interim results, the company produced 45.4 million barrels of oil equivalent in the first half of this year, or a daily average of 249,400 barrels, accounting for 54 percent of the targeted annual production. Revenues were also up to reach 11.7 billion yuan (US$1.4 billion) in the first half of this year. The company reports that production growth is expected to average 20 percent over the next five years. It forecasted annual production for 2005 is 180 to 200 million barrels of oil equivalent, with an increased proportion of production coming from natural gas. In 1999, the company's crude production reached 175,274 barrels/day and natural gas 207.1 mcf/day. As for exploration activities in the first half of this year, the company discovered Qikou 18-2 structure in Bohai Bay independently. Other Bohai Bay discoveries were made in CFD 12-1 by Kerr-MaGee and in PL 25-6 and PL 9-1 by Phillips Petroleum, all CNOOC partners. The company has proven reserves of 1.8 billion barrels of oil equivalent as of December 31, 1999. |
| People's Daily Online --- http://www.peopledaily.com.cn/english/ |