CNOOC Posts Record Profit on Higher Oil Prices and Production

Chinese energy giant CNOOC has reported a record net profit of $12.9 billion in the first half of the year, driven by higher oil prices and increased production.

The company's average realized oil price rose to $85.49 per barrel, while its net oil and gas production reached 398.7 million barrels of oil equivalent (boe), a 3.7% increase from last year.

CNOOC also announced that it has secured three new exploration blocks in Brazil and Indonesia, and made four new oil and gas discoveries in China, including the Luda 16-1 and Qinhuangdao 30-3 wells in the Bohai Bay.