I write with reference to Chris Ram’s column. He is reporting CNOOC earned a profit of USD 1.7 billion (rounded) on its 25% ownership in the consortium drilling for oil in Guyana. I also note that CNOOC’s paid-up capital (equity) is a mere USD 200,000. These numbers were on CNOOC’s 2023 income statement. I have grave questions on these numbers. Did a $200,000 investment produce an income of USD 1.7 billion? The return on equity is astronomical. Can the Editor/Publisher comment on these numbers?
Sincerely,
Mike Persaud
