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Wednesday, 19 November, 2008, 22:10 GMT | more >>

Taxes dampen record profit for CNOOC



By Upstream staff 

China National Offshore Oil Corporation (CNOOC) has reported lower than expected profits for 2007 after being hit by nearly $1 billion worth of oil taxes in the year, despite recording a record net income of 31.26 billion yuan ($4.4 billion).

The increase in net income is only 1.1% compared to 2006 - its worst annual performance since 2001, and lower than expected by analysts said a Reuters report.

Otherwise, CNOOC said it had stable growth within oil and gas production and saw a rise in realised oil prices. Its revenue from oil and gas sales increased 7.7% from 2006 to 73 billion yuan in 2007.

Net production was also up by 2.6% to 171 million barrels of oil equivalent, of which 149 million was from offshore China.


Thursday, 27 March, 2008, 10:44 GMT  | last updated: Thursday, 27 March, 2008, 11:29 GMT

Disappointing: CNOOC reels in record high profit for 2007 but lower than expected for the company
 

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