China's largest listed offshore oil and gas producer CNOOC said Wednesday that its first-half net profit fell 55 percent on the back of lower oil prices.
The China National Offshore Oil Company (CNOOC) said in a statement that its net profit for the six months ending June 30 dropped to 12.40 billion yuan (1.82 billion US dollars), from 27.54 billion yuan a year earlier.
Its revenue fell 42 percent to 40.65 billion yuan from 70.04 billion yuan.
CNOOC said the average selling price of its crude oil was 49.35 US dollars a barrel in the first half of this year, down 52 percent from 102.50 US dollars last year.
However, the firm's chairman Fu Chengyu said he was confident that business would get back on track due to a rebound in oil prices and the strong growth momentum in China.
"The international oil price is a mirror of the economic situation. Within the first half of the year, we see that the oil price, which plunged from a high level previously, has stabilised and increased significantly," he said in a statement.
Fu said the company will continue to increase exploration efforts — especially in crude oil exploration in offshore China — and commence production of its news oil and gas fields.
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