--FILE--Night view of a logo of CNOOC (China National Offshore Oil Corporation) on the rooftop of the headquarters building in Beijing, China, 16 Febr

--FILE--Night view of a logo of CNOOC (China National Offshore Oil Corporation) on the rooftop of the headquarters building in Beijing, China, 16 February 2016. This week, Chinese state-owned oil companies, Petro-China, the country's largest oil and gas producer, and China National Offshore Oil Corp. (Cnooc), the country's largest offshore oil and gas exploration and production company, reported earnings for the January to June 30 period ¨C setting record lows in a global oil industry blood bath that shows not signs of letting up. PetroChina said on Monday that its profit for the first half of this year dropped 98% compared to the same period last year to ($79.8 million) (531 million yuan) on weaker revenue from falling crude prices. The company reported revenue of 739.1 billion yuan for H1, down 15.8% compared with the same period in 2015. On Wednesday, Cnooc said that it swung to a loss in the first half of 2016, with revenue dropping almost by a third because of lower crude oil and natural gas prices. The company reported a net loss of $1.16 billion (7.74 billion yuan) in the first six months of the year, compared with a profit of 14.73 billion yuan in the same period last year.