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The Chinese Oil Giant Poised For A 100% Increase In Net Income

China’s oil major CNOOC expects a twofold increase in its net income for the first nine months of the year, Energy Voice has reported, citing information from a stock exchange filing.

The total for the nine-month period is expected to come in at around $15 billion, thanks to record-high oil and gas production, and higher international prices.

The company last month booked a more than twofold increase in its first-half profits to $10.5 billion, again thanks to higher oil prices and higher oil and gas production. The amount was the highest on record.

Oil production at the company’s fields reached 304.8 million barrels of oil equivalent during the first half of the year which was a 9.6-percent annual increase and 71 percent of this increase came from production in China.

CNOOC is also present in some international oil projects, including Guyana’s Stabroek Block, where it is a partner of Exxon and Hess, which have made a string of major discoveries turning the South American nation into the latest oil hot spot.

China has been expanding its domestic oil and gas production in order to improve energy supply security for the winter, as the country remains one of the biggest hydrocarbon consumers in the world and the biggest oil importer.

While Chinese oil demand continues to suffer due to the country's zero-Covid strategy, it has rebounded to some degree in recent months as lockdowns become less frequent and refineries prepare to ramp up production.

Reuters earlier this month reported that Chinese refiners are gearing up for an increase in refining rates thanks to stronger demand for refined products. Indeed, when Beijing issued the last batch of fuel export quotas for the year, it was the highest for the year, at 13.25 million tons of refined oil products.

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By Charles Kennedy for Oilprice.com

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