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July 29, 2016

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CNPC’s net profit surges 11% in H1

STEADY growth in overseas oil and gas developments helped China National Petroleum Corp reap a 11 percent gain in profit in the first half of 2016 despite the fall in energy prices, according to company and media reports.

Over the first six months this year, CNPC produced 38 million tons of oil equivalent in overseas oil and gas projects, helping it meet half the target set for 2016, the company said yesterday.

It reported smooth progress in its gas project in Amu Darya in Turkmenistan while its LNG project in Russia has been half completed and its oil drilling business in North Azadegan in Iran has been operational since April 19.

The output of oil drilled in Brazil and Sudan from January to June contributed to a 4.2 percent growth in CNPC’s oil output compared with the same period last year.

CNPC made a profit of 27.6 billion yuan (US$4.1 billion) even as prices of oil plunged 36.5 percent and gas fell 22.1 percent year on year at the end of June, Bloomberg News said on Tuesday.

The energy giant cited the gain to a cut of nearly 30 percent in overseas expenses from the same period in 2015.

Graham Cunningham, a Citibank analyst, said in a recent report that CNPC benefited from the recent recovery of oil prices and its sale of Trans-Asia Gas Pipeline Co and PetroChina Kunlun Gas Co for 20.7 billion yuan.

CNPC said in a recent proposal that it would cut its annual total investment over the next five years by 40 percent to 260 billion yuan.


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