BEIJING, March 24 (Xinhua) – The net profit of the National Corporation of China Offshore Oil (CNOOC, its acronym in English), the largest producer of oil and natural gas submarine of the country, fell 66, 4% yoy due to falling oil prices, said Thursday the company.
the company achieved a profit of 20.200 billion yuan (3.100 billion dollars) last year, with revenue action which stood at 0.45 yuan, according to the annual report of the company.
the president of CNOOC, Yang Hua, attributed the decline in profits to the downward adjustment of the world economy and low international oil prices.
the net production of the company increased 14.6 percent over the previous year to reach 495.7 million barrels of oil equivalent, but sales fell 32 , 8 percent to 146,600 million yuan.
the average price of oil sold by the CNOOC fell 46.6 percent year on year to $ 51.3 per barrel, while natural gas It fell by 0.8 percent, according to the document.
the collapse of international oil prices also affected other Chinese producers of crude. The net profit of PetroChina, the largest oil and gas producer in China, fell more than 60 percent in 2015, as a report showed on Wednesday the company.
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