Higher prices boost CNOOC sales
1 October 2003
China National Offshore Oil Corporation reported that daily gas and oil production in the first half of 2003 averaged 352,780 barrels of oil equivalent, 15 per cent more than a year earlier. However, higher prices meant that sales had risen 68 per cent, producing a net income of Yn6.3bn, from Yn3.62bn a year earlier.
The company also announced that it had resumed a joint search with Chinese Petroleum Corp, the Taiwanese oil company, for oil under the sea between the mainland and Taiwan. The search, due to start in April, was delayed due to the Sars epidemic.