CNOOC registers massive increase in net profit for 2022

China National Offshore Oil Corporation more than doubled its net profit in 2022 with a record net profit of 141.7 billion yuan ($27.3 billion), a dramatic increase on last year's figure of 70.32 billion yuan, the company said on Wednesday.

The company's revenue last year rose 71.6 percent year-on-year to 422.2 billion yuan.

CNOOC made 18 commercial discoveries last year. Net proven reserve stood at about 6.24 billion boe by the end of 2022, with a reserve replacement ratio of 182 percent.

Wang Dongjin, chairman of CNOOC, said the firm has been actively responding to the complex and ever-changing energy situation and international environment in 2022, while stepping up reserves and production, technological innovation and low-carbon transformation.

Historically one of the industry's lower-cost explorers and producers, the company's all-in production costs were $30.39 per barrel last year.