Saturday, July 30, 2016

Oil Industry Keeps On Takin' The Hits

CNOOC will post $1.2b H1 loss due to oil price slump

China National Offshore Oil Corporation, the country's largest offshore oil and gas producer, warned that it will have its first half-year loss of 8 billion yuan ($1.2 billion) since becoming a listed company, due to a prolonged slump of oil prices and a write-down on its Canadian oil sands assets. The offshore oil giant expects a…