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Foreign operating expenses, in particular, jumped by a quarter because a higher proportion of production came from the Canada's tar sands, where costs to extract oil are significantly higher than conventional crude projects.
Friday, March 22, 2013
CNOOC Loses On Tar Sands Investment
HONG KONG - State-owned CNOOC, which made China's biggest-ever overseas energy acquisition last year, said Friday that annual profit fell 9.3 per cent because of higher costs for exploration and for operating in Canada's oil sands.
[...]
Foreign operating expenses, in particular, jumped by a quarter because a higher proportion of production came from the Canada's tar sands, where costs to extract oil are significantly higher than conventional crude projects.
[...]
Foreign operating expenses, in particular, jumped by a quarter because a higher proportion of production came from the Canada's tar sands, where costs to extract oil are significantly higher than conventional crude projects.
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