CNOOC posts modest gain

HONG KONG: CNOOC Ltd, China's largest offshore oil and gas producer by capacity, yesterday posted a modest 1.3 percent gain in 2007 profit, its smallest growth in five years, as costs grew faster than production.

Net profit in 2007 rose to 31.26 billion yuan from 30.93 billion yuan the previous year. Revenues rose 2 percent to 90.7 billion yuan from 88.95 billion yuan, with earnings per share dipping to 0.72 yuan from 0.73 yuan a year earlier.

The company, whose shares are traded in Hong Kong and New York, said its windfall tax on oil sales above $40 a barrel rose to 6.84 billion yuan from 3.98 billion yuan the year before because of higher oil prices last year.