CNOOC Profit Drops 66%

CNOOC Limited revealed Thursday in its 2015 financial results statement that its profit plunged 66.4 percent to RMB 20.24 billion ($3.1 billion) in 2015, compared to RMB 60.19 billion ($9.2 billion) the year before.

In 2015, the company’s oil and gas sales revenue was RMB 146.6 billion ($22.5 billion), representing a decline of 32.8 percent year on year. CNOOC reduced its capital expenditure by 37.9 percent last year to RMB 66.5 billion ($10.2 billion), and cut its all-in cost by 5.9 percent year on year to $39.82 per barrel of oil equivalent as a result of its efficiency program.

CNOOC successfully met its annual oil and gas production target during the year, with net oil and gas production reaching 495.7 million barrels of oil equivalent. The company made 16 new discoveries and appraised 23 oil and gas structures during 2015. As at December 31, 2015, CNOOC’s net proved reserves were approximately 4.32 billion barrels of oil equivalent.

CNOOC Limited Chairman, Yang Hua, said in a company statement:

“In 2015, the company achieved satisfactory results in different areas of business notwithstanding the significantly lower capital expenditure. Looking ahead, the company may face a more complex and challenging production and operating environment. We will continue to adjust our business strategy and intensify the activities for the ‘Year of Quality and Efficiency’ program. We will endeavor to allow more space for growth through reform and innovation, and to consolidate our achievements through improved systems and policies, so as to ensure the sustainable growth of the company.” 

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