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CNOOC Ltd raises earnings bar



By Upstream staff 

China National Offshore Oil Corporation Ltd (CNOOC Ltd) has booked a 22% rise in 2006 earnings, even as sliding crude oil prices and a windfall tax payout dented the second half.

CNOOC Ltd said its full-year net profit was 30.93 billion yuan ($4 billion) versus 25.32 billion yuan a year earlier.

The result beat a consensus forecast for 30.77 billion yuan from 21 analysts surveyed by Reuters Estimates.

Analysts predict a slide in 2007 earnings for CNOOC Ltd, with oil prices hovering around $60 a barrel and constraints on its oil and gas output.

CNOOC Ltd, which has made a string of acquisitions in Australia, Indonesia and Nigeria, is hunting for more assets overseas and is actively developing deep-water exploration to supply China.


Thursday, 29 March, 2007, 08:57 GMT  | last updated: Thursday, 29 March, 2007, 08:57 GMT

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