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China National Offshore Oil Corporation (CNOOC) has reported an attributable net profit of Y63.74bn ($8.74bn) for the first half of 2023, down 11.3% from Y71.88bn ($9.86bn) a year earlier.

In the first six months of 2023, the company’s revenue declined 5.1% to Y192bn from Y202bn.

The government-backed oil and gas company recorded an 8.9% increase in net production year-on-year (YoY) to 331.8 million barrel of oil equivalent (mboe).

Domestic production was up by 6.6% to 231.2mboe and growth was attributed to production from oil and gas fields such as Lufeng15-1 and Kenli 6-1.

Meanwhile, production at CNOOC’s overseas operations surged 14.4% to 100.7 mmboe against 88 mmboe in 2022.

The production ramp-up from the Liza Phase II in Guyana and the Buzios Oil Field in Brazil were the key factor driving global growth, the company said.

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By GlobalData

CNOOC said it made five new discoveries during the first half and successfully appraised 14 oil and gas structures in China.

The company’s all-in cost per boe fell 7.1% YoY to $28.17/boe from $30.32/boe.

Production growth was strongly supported by the 35.9% YoY rise in capex, which was primarily caused by an increase in the workload of ongoing projects.

In June this year, it was reported that CNOOC is planning to explore oil and gas offshore Tanzania with Tanzania Petroleum Development Corporation (TPDC).