CNOOC posts fastest growth in output
By Richard Fu |
March 24, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S top offshore oil and gas producer CNOOC Ltd posted the fastest production growth in its history last year, thanks to output from new fields which came on stream from 2009.
Net production soared 44.4 percent to 328.8 million barrels of oil equivalent in 2010, CNOOC said yesterday.
The strong rise in output and a 28 percent rise in the firm's average realized oil prices helped CNOOC post a record net profit of 54.4 billion yuan (US$8.3 billion) in 2010, up 85 percent from a year earlier.
Still, CEO Yang Hua warned that "the pressure on cost inflation was still one of the steep challenges faced by the entire industry."
Analysts expected oil prices to remain supported by the escalating tensions in Libya and other regions, which would benefit CNOOC, a pure upstream producer.
China Oilfield Services Ltd, which counts CNOOC as its biggest client, also expected a better year after posting a record profit in 2010.
COSL yesterday said the total expenditure on global oil and gas exploration in 2011 will rise 10.8 percent to US$489.5 billion, citing Barclays Capital's estimates.
COSL said CNOOC's capital expenditure will rise 55 percent in 2011 as it plans to build two to three deep-water wells.
Net production soared 44.4 percent to 328.8 million barrels of oil equivalent in 2010, CNOOC said yesterday.
The strong rise in output and a 28 percent rise in the firm's average realized oil prices helped CNOOC post a record net profit of 54.4 billion yuan (US$8.3 billion) in 2010, up 85 percent from a year earlier.
Still, CEO Yang Hua warned that "the pressure on cost inflation was still one of the steep challenges faced by the entire industry."
Analysts expected oil prices to remain supported by the escalating tensions in Libya and other regions, which would benefit CNOOC, a pure upstream producer.
China Oilfield Services Ltd, which counts CNOOC as its biggest client, also expected a better year after posting a record profit in 2010.
COSL yesterday said the total expenditure on global oil and gas exploration in 2011 will rise 10.8 percent to US$489.5 billion, citing Barclays Capital's estimates.
COSL said CNOOC's capital expenditure will rise 55 percent in 2011 as it plans to build two to three deep-water wells.
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