CNOOC reports $1.16b net loss

Hong Kong: China’s main offshore oil and gas producer CNOOC saw its shares on the Hong Kong stock exchange fall Thursday, after it reported a $1.16 billion (Dh4.3 billion) net loss for the first half of 2016. It was the company’s first half-year loss since it started trading on the Hong Kong exchange in 2000, with CNOOC blaming low oil prices and write-downs on assets for its performance. “Further recovery of international oil prices faces headwinds,” the company said in a statement sent to the Hong Kong bourse late Wednesday. CNOOC posted a net loss for the six months ending June 30 of 7.74 billion yuan ($1.16 billion), alongside a 25.4 per cent drop in revenue to 66.83 billion yuan.