CNOOC Ltd., China's offshore oil and gas giant, said Tuesday its financial and operating results in the first six months hit an all-time high since its listing, with its net profits jumping 37.6 percent from a year earlier to 16.28 billion yuan (about US$2 billion).

 

From January to June, the total revenue of the company surged 47.2 percent year-on-year to 48.34 billion yuan (US$6 billion dollars).

 

"The stable growth of oil and gas production, together with rise of oil prices are the main driving forces for the notable increase in revenue from oil and gas sales," said the company in a statement.

 

CNOOC's average price rose 42 percent during the period to US$62.39 a barrel.

 

CNOOC said its net offshore production of oil and gas rose 7.2 percent to 74.4 million barrels of oil equivalent.

 

"Benefiting from favorable external operating environment as well as our solid and healthy operational performance, we have achieved exciting operating results in the first half of the year," said Fu Chengyu, chairman and CEO of the company.

 

He said that by June 30, the company had made six new oil and gas discoveries and appraised two structures successfully, with four oil and gas projects having started production.

 

Fu said that Canada's Husky Energy Inc., the company's partner, made a deepwater gas discovery, China's first, in the South China Sea.

 

CNOOC has the rights to a 51 percent stake in the block under an agreement between China National Offshore Oil and Huskey.

 

"We have also made new breakthrough in our overseas business development by completing the acquisition of 45 percent interest in Nigeria's underdeveloped Akpo field. We also extended our exploration activities to Equatorial Guinea, Australia and Kenya," he said.

 

Besides CNOOC, China's two other oil giants have also released good interim results.

 

On Monday, Sinopec, China's largest refiner, said its first half net profit rose 14.6 percent year-on-year to 20.68 billion yuan (US$2.5 billion) on strong demand for petroleum products in the booming economy.

 

Last Wednesday, PetroChina Company Limited (PetroChina) announced that it recorded a net profit of 80.68 billion yuan (US$10.12 billion) in the first half of 2006, 29.4 percent up over last year's same period.

 

Earnings per share reached 0.45 yuan (US$0.06) and the net profit result sets a new half-year earnings record compared with corresponding periods since its listing, said PetroChina.

 

(Xinhua News Agency August 30, 2006)