Chinese Company Records Massive Profits

Chinese oil and gas exploration company China Oilfield Services (COSL) has recorded first half profits of CNY1.1bn ($145.2m), a growth of 63.4% over the same period last year, say Chinese news sources.

COSL, part of China's largest offshore oil producer CNOOC, saw drilling services business volume rise by 50.2%, well services by 37.4%, marine support and transportation services up by 25.1% and geophysical services rise by 88.5%.

Reported by staff writer