The major subsidiary of China National Offshore Oil Corporation warned it was anticipating an 8 billion yuan ($1.2 billion) loss for the first six months of the year, a sharp decline from 2015’s first half profit of more than 14.7 billion yuan.
CNOOC Ltd blamed the decline in oil prices as well as impairment and provisions it said had been recognised to reduce the carrying amount of certain oil and gas properties, including oil sand assets in Canada due to an adjustment in operating plan, to the recoverable amount.
CNOOC
