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CNOOC sees 29% surge in 2011 net profit

Mar. 29, 2012 (China Knowledge) - China's largest offshore oil producer CNOOC Ltd<883>, the listed arm of China National Offshore Oil Corp, announced yesterday that its net profit grew 29% year on year to RMB 70.26 billion last year, boosted by higher oil prices.

Basic earnings per share were RMB 1.57 last year, and the company proposed a final dividend 28 HK cents, up from 25 HK cents in 2010.

The company's revenue surged 33.83% year on year to RMB 240.94 billion in 2011, of which RMB 189.28 billion was from sales of oil and gas, up 29.52% from the previous year. Trade business generated RMB 50.47 billion of revenue last year, 55.55% more than in 2010.

The company saw its sales of crude oil fall 2.9% year on year to 249 million barrels and sales of natural gas rise 8.8% to 378 billion cubic feet in the year. Average sales price of crude oil soared 40.8% year on year to US$109.75 per barrel last year, and that of natural gas grew 14.7% to US$5.15 per cu ft.

CNOOC's oil and gas output reached 331.8 million barrels of oil equivalent in 2011, 0.7% more than in 2010. The output of domestic oilfields fell 0.6% year on year to 261.9 million barrels, and that from overseas oilfields rose 5.9% to 69.9 million barrels.

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