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Oil producer enjoys profit, higher output

CHINA National Offshore Oil Corp, the country's third-biggest oil producer, said profit rose 19.8 percent last year because of increased output and record prices.

Profit rose to US$9.9 billion and sales gained 22.4 percent to US$29 billion, President Fu Chengyu said in Beijing yesterday. Production climbed 6 percent to 42.93 million tons of oil equivalent, he said.

China National, parent of Hong Kong-listed unit CNOOC Ltd, will increase capital spending by 26 percent to US$16.5 billion this year and production will rise 14 percent to 48.05 million tons, Fu said.

China National gets about two-thirds of its revenue from CNOOC. CNOOC aims to increase oil and gas production by as much as 18 percent this year, the company said on January 20. Capital spending may jump 19 percent to US$6.76 billion this year even as oil prices slump and the global economy slows, Bloomberg News said.


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