CNOOC doubled its net profit in 2018

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China's third largest national oil and gas company, CNOOC, reported that in 2018 its net profit was 52 billion 690 million yuan, which is 2.1 times higher than in 2017. The growth rate contributed to a significant increase in gas production, while the volume of oil production decreased. The revenue of 227 billion yuan was the highest in the last 3 years, rising by 22%. The company increased hydrocarbon sales by 22.4% to 185 billion 870 million yuan. Total oil and gas production reached 475 million barrels of oil equivalent. At the same time, the company recorded a decline in oil production by 1.3% and an increase in gas production by 12%. The sale price of oil on average rose by 27.7% to 67 dollars 22 cents per barrel. The average price of natural gas rose by 9.8% to $6.41 cent per thousand cubic feet.

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