Chinese oil giants Sinopec, PetroChina and CNOOC posted higher profits in the first half of the year, boosted by higher energy prices since the start of the Russia-Ukrainian war.
The profits of the three Chinese oil companies amounted to about 28.92 billion dollars during the six months of the year.
According to “French”, the Sinopec General Group, Asia’s largest refiner, announced a net profit of 43.53 billion yuan ($6.37 billion) between January and June, an increase of 10.4 percent year on year.
However, the company saw its sales of refined petroleum products drop 9.8 percent in a year due to the COVID-19 pandemic and restrictions in China that severely impacted demand. For its part, PetroChina, a listed entity of the national oil giant CNPC, posted a net profit of 82.39 billion yuan ($12.05 billion) in the first half of the year, up 55.3 percent in one year.
The agency “Bloomberg” promised the company, which is the largest producer of Chinese crude, that it achieved unprecedented performance during a period of six months.
At the same time last year, PetroChina achieved a profit of 53 billion yuan.
In announcing its results Thursday, the company said that “some geopolitical factors, such as the Ukrainian crisis, led in the first half to a significant increase in the average price of oil at the global level.”
For its part, China National Petroleum Corporation (CNOOC), the largest producer of offshore oil and gas in China, saw its net profit more than double in the first half.
Its profit was 71.89 billion yuan ($10.50 billion), compared to 33.3 billion yuan a year ago.
But the group warned of “the external environment that will remain complex and changing” in the second half of the year.
In addition, PetroChina’s Dagang oil field is stepping up its efforts to promote digital and intelligent transformation, which represents an important step for the company in an effort to extract oil and gas more accurately and efficiently.
In the digital decision-making center of the Dagang Oilfield, the colors of red, orange and yellow in a three-dimensional geological digital model delivered this year show the state of oil deposits in the various layers underground.
“The model can accurately describe the stock and accurately locate the remaining distribution, which is of great importance to stabilizing and increasing extraction efficiency,” said Lai Jichun, deputy director of the Dagang Oilfield Information Center.
“Building digital and smart fields is the way to achieve high-quality development of China’s oil and gas industry,” Lai added.
The Dagang oil field, whose oil production began in 1964, is the third oil field that has been independently explored and developed after the founding of the People’s Republic of China. After nearly 60 years, the Dagang oil field has been exposed to increasing difficulties in exploration and extraction.
Last year, Dagang oil field produced a total of 4.4 million tons of oil and gas equivalent. From January to July this year, it produced 2.6 million tons of oil and gas equivalent, an annual increase of 1.6 percent.
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