CNOOC's well-oiled machine

CFO Mark Qiu, Salomon''s former oil and gas expert, talks strategy.

The CFO of China's premier oil exploration and production company rushes into the interview room at CNOOC Ltd's headquarters with the tense look of a man who has been running with wolves, in this case the indefatigable and undeniably lupine Hong Kong press pack - eager to glean more information about the company's just-announced first-half results.

In CNOOC Ltd's case the press pack had little negative news to chew on, with the company increasing pre-tax profits by 11% to Rmb6.46 billion $778 million on the back of lower production costs and increased oil and gas production.

The company's share price reflects the company's improvement, and has risen around 21% to HK$7.30 since the...

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