Cnooc, China’s main offshore oil and gas producer, posted an unexpectedly large 19 per cent drop in net profit in the first half of the year on higher costs and lower output caused partly by an oil spill, writes Jamil Anderlini.
Most analysts had expected the state-controlled energy group to post a small profit fall in the first half. Its Hong Kong-listed shares fell 3 per cent yesterday.
The net profit drop comes at a sensitive time for Cnooc, which is in the midst of a bid to acquire Canadian oil company Nexenfor $15.1bn in a deal that, if completed, would be the largest offshore acquisition by a Chinese company.
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