AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

BEIJING: China’s CNOOC more than doubled its net profit in 2022, benefiting from a year of elevated international oil and gas prices following Russia’s invasion of Ukraine.

The company, one of China’s three largest state-controlled oil and gas companies, posted a record consolidated net profit of 141.7 billion yuan ($20.57 billion), a dramatic increase on last year’s figure of 70.32 billion yuan ($10.21 billion), according to a company filing on the Hong Kong Stock Exchange on Wednesday.

Total oil and gas output stood at 624 million barrels of oil equivalent (boe), representing a 8.9% increase on last year’s figure of 573 million boe. CNOOC has targeted a record 650 million to 660 million boe for this year. It is aiming for 6% average annual production growth by 2025 when output is forecast to hit 2 million boe a day.

Historically one of the industry’s lower-cost explorers and producers, the company’s all-in production cost was at $30.39 per barrel last year, versus $29.49 per barrel in 2021. Consolidated capex was 100.36 billion yuan, up 14.6% on the previous year.

CNOOC is a top contributor to China’s domestic oil production as state-owned oil companies tackle geologically more complex and more costly resources to counter a steep decline at mature basins.

Comments

Comments are closed.