CNOOC loses $1.2B in H1

SHANGHAI: China’s main offshore oil and gas producer CNOOC will lose more than $1 billion in the first half of this year because of low oil prices, it told shareholders in a profit warning.

On the basis of a “preliminary assessment” it expects a net loss of 8.0 billion yuan ($1.2 billion) for the first six months, it said in a statement to the Hong Kong stock exchange, compared to a net profit of 14.7 billion yuan in the same period last year.