CNOOC posts annual results with healthy boost to net profit

China National Offshore Oil Corporation (CNOOC) has posted its annual results for the year ending 31 December 2018, revealing a significant boost to its net profits.

In its press release, CNOOC highlighted the expansion of its oil and gas reserves and production through 2018, as well as optimising its cost control to great effect.

CNOOC’s oil and gas sales revenue reached 185.9bn yuan over 2017, with a net profit of 52.7bn yuan.

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Its net profits for 2018 represent an enormous boost over 2017 at 113.5%. 

“In 2018, facing the complex external environment, CNOOC Limited focused on high-quality development, and maintained strong cost competitiveness,” said Yang Hua, Chairman of CNOOC, in the firm’s press release.

"The Company steadily expanded the oil and gas reserves and production, achieved a significant growth in net profit. In the future, the Company will continue to increase oil and gas reserves and production, actively implement low-carbon development strategies, speed up the transformation and upgrading, and continuously create value for shareholders."