CNOOC reports seven discoveries through June

Offshore staff

HONG KONG -- CNOOC Ltd. made seven new oil and gas discoveries in the first half of this year. According to its mid-year financial report, the discoveries include: Bozhong 28-2 East, Bozhong 26-3, Jinzhou 25-1, and Kenli 20-1 in Bohai Bay as well as Weizhou 11-7, Weizhou 11-8, and Weizhou 6-1 South in the western South China Sea.

Other than Kenli 20-1, all of these discoveries are independent discoveries, CNOOC says. The Jinzhou 25-1 discovery contains commercial volumes of light crude reserves and will be developed.

CNOOC reports that production rose by 4.5% to 85.4 MMboe (68.1 MMbbl of crude oil and 99.7 bcf of gas). Production offshore China increased by a nominal 0.3% to 74.6 MMboe, the company says.

CNOOC reported a 10.6% increase in the half-year net profit of $1.93 billion on oil and gas sales of $4.4 billion, which was lower by 6.4% from the same period of last year.

8/29/2007