Lower Oil Prices Drag Down Profits at Chinese Giant CNOOC ...Middle East

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Lower Oil Prices Drag Down Profits at Chinese Giant CNOOC
source : OILPRICE ( Middle East ) () 81
CNOOC Ltd, China’s top offshore crude oil and gas producer, on Thursday said its net profit fell by 12.2% from a year earlier in the third quarter, amid a decline in oil prices.  CNOOC, which specializes in offshore oil and gas developments in China and internationally, reported a third-quarter net profit of $4.6 billion (32.4 billion Chinese yuan) for the July-September quarter, down by 12.2% on the year.  The lower Brent crude prices this year couldn’t offset the rise in CNOOC’s oil and gas production in China and…

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