LNG

China National Offshore Oil Corp, the owner of nine Chinese LNG import terminals, is pressing ahead with the Lingshui natural gas field development in the South China Sea that will become one of the main drivers of the company’s gas production in the 2020s.

March 24 (LNGJ) - China National Offshore Oil Corp., the state-owned energy company and LNG importer, posted its worst annual earnings since at least 2011, with revenue from its oil and gas business falling 17 percent in 2016 to 121.3 billion yuan ($17.6Bln). Annual net profit was put at 637 million yuan ($92.4M), down more than 95 percent from the profit recorded in 2015 because of low oil prices. “In 2016, the company maintained a strong cost competitiveness despite low oil prices and sluggish global economic growth,” said Yang Hua, Chairman and Chief Executive. “The company unrelentingly pursued a management concept centred on cost control and improved efficiency and will continue to adhere to a value-driven approach,” added Yang.