China's top offshore oil producer, China National Offshore Oil Company Limited (CNOOC Ltd.), announced Wednesday that its net profit surged 84.5 percent year on year in 2010.
Net profit reached a record high of 54.41 billion yuan (8.29 billion U.S. dollars) last year, the company said in its annual report to the Hong Kong Stock Exchange.
The company's net production of oil and gas rose by a record 44.4 percent year on year to 328.8 million barrels of oil equivalent in 2010, according to the report.
The strong production growth is mainly attributed to the production from new fields since 2009, outstanding performance of the producing fields and production contribution from newly acquired projects, it said.
Robust production, along with rising prices, drove the company's oil and gas sales to 149.12 billion yuan, an increase of 77.7 percent year on year. Its average realized oil price was 77.59 U.S. dollars per barrel, up 28 percent from 2009.
The statement said the company will see steady growth this year, but face greater pressure due to rising costs.
The company said it has more than 10 new projects under construction this year.
