China’s state-run CNOOC reports worst result since at least 2011, forecasts output rise


China’s state-run CNOOC reports worst result since at least 2011, forecasts output rise

China’s offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.

CNOOC reported a net profit of 637 million yuan ($92.5 million) in 2016, down nearly 97 percent from 20.2 billion yuan in profit in 2015. Read more

Credits: energy.economictimes.com

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