CNOOC Posts Best Half-Year Profit Since 2015, Domestic Oil Output Drops

Chinese offshore oil and gas company CNOOC Ltd. said on Aug. 23 its profits climbed 57% year-on-year in the first half of 2018, boosted by higher crude prices and robust gas sales.

Net profit at the listed arm of state-owned China National Offshore Oil Corp. hit 25.48 billion yuan (US$3.71 billion) in the first half, its best half-year performance since the first six months of 2015, filings to the Hong Kong exchange showed.