Cnooc Ltd., China’s biggest offshore explorer, reported a 6.6% increase in full-year profit, beating the plunge in crude prices that has hit explorers across the world.
Net income rose to 60.2 billion yuan ($9.7 billion), or 1.35 yuan a share, from 56.5 billion yuan, or 1.26 yuan, a year earlier, according to a statement to the Hong Kong stock exchange.
The mean profit of 24 analyst estimates compiled was 52.3 billion yuan. Sales dropped 4% to 275 billion yuan.
Global Energy Group said yesterday it was nearing the end of a further £20million investment in developing the Nigg Yard on the Cromarty Firth into a “world-class” port.
The Inverness and Aberdeen-based energy service firm also revealed it was targeting the Mediterranean, Middle East and Asia for new business to offset an expected downturn in the UK due to the recent slump in crude oil prices.
Global, which employs more than said a damaging impact on some of its operations was unavoidable but past experience of difficult market conditions showed new opportunities could flourish.
