August 21, 2012 / 4:12 AM / in 5 years

CNOOC H1 profit slides 19 pct, lags forecasts

HONG KONG, Aug 21 (Reuters) - China’s top offshore oil producer CNOOC Ltd, which is bidding $15.1 billion for Canadian oil producer Nexen Inc, posted a 19 percent fall in first-half net profit, due to lower production caused by an oil spill and increased costs.

State-controlled CNOOC posted January-June net profit of 31.87 billion yuan ($5.01 billion), compared with 39.34 billion yuan a year earlier a n d an average forecast of 34.2 billion yuan by seven analysts polled by Reuters.

Like many other oil producers around the world, CNOOC is struggling to grow its production and cut costs as it moves further into the more costly development of unconventional resources such as Canadian oil sands and deepwater hydrocarbon in the South China Sea and Gulf of Mexico.

CNOOC last month launched China’s richest foreign takeover bid by agreeing to buy Nexen, whose global portfolios include oil sands and shale gas.

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