China Oilfield Services H1 earnings down by 5pct YoY


It is reported that China Oilfield Services posted a 4.7%YoY decrease in net profit to CNY 2 billion in the first half of 2011.

Due to the ongoing armed conflict in Libya, China Oilfield recorded an asset depreciation of CNY 67.4 million in the first six months. Well drilling services in the North African nation contributed CNY 4.3 billion to the company down from last year CNY 4.7 billion.

China Oilfield said its overseas business will put the bulk of its focus on Iraq and Cambodia in the latter half of this year. It also said it will continue to develop the Mexican and Middle Eastern markets.

(Sourced from



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