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CNOOC warns of 8b yuan loss amid oil sands writedown

This is Beijing-based firm's first half-year loss since 2000 when it began trading

BAD BUSINESS: CNOOC's expected loss is attributable to the further decline in crude prices during the six-month period, as well as impairment and provisions on oil and gas assets, including oil sands in Canada.

Hong Kong

CNOOC Ltd, China's biggest offshore oil and gas producer, projected about US$1.2 billion in first-half losses, flipping from a profit a year ago, as it took a charge on its Canadian oil sands assets. Shares fell in Hong Kong on Friday.

The Beijing-based company expects to