PetroChina sees profits plunge by 70% in 2015

PetroChina , China's biggest oil and gas producer, reported a 70 percent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.


PetroChina and CNOOC may write down assets

PetroChina, the country’s biggest oil and gas producer, and China’s largest offshore explorer Cnooc, may write down assets following crude’s plunge, analysts say.


CNOOC and CGN strike strategic deal

CNOOC (China National Offshore Oil Corporation) and (CGN) China General Nuclear Power Corporation have signed a strategic framework agreement on offshore oil and nuclear power.

Health, Safety & Environment

Investigation after Canada pipeline leak

An investigation is underway after Nexen Energy had to shutdown a pipeline which leaked more than 30,000 barrels of emulsion. The company, a subsidiary of CNOOC, said the incident happened at its Long Lake oil sands facility. The pipeline and connecting pad site have since been isolated in a bid to stop the leak.


Cnooc first-quarter sales drop on lower realized crude price

Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 40 percent decline in first-quarter oil and gas sales because of lower crude prices. Oil and gas sales dropped to 35.5 billion yuan ($5.7 billion) in the three months ended March 31 from 59.1 billion yuan a year earlier, the Beijing-based company said in a statement Friday to the Hong Kong stock exchange.


Cnooc surprises with 6.6% gain in profit as peers slump

Cnooc Ltd., China’s biggest offshore explorer, reported a 6.6% increase in full-year profit, beating the plunge in crude prices that has hit explorers across the world. Net income rose to 60.2 billion yuan ($9.7 billion), or 1.35 yuan a share, from 56.5 billion yuan, or 1.26 yuan, a year earlier, according to a statement to the Hong Kong stock exchange. The mean profit of 24 analyst estimates compiled was 52.3 billion yuan. Sales dropped 4% to 275 billion yuan.