CNOOC Triples Net Profit in 2021

The state-owned oil and gas company China National Offshore Oil Corporation, which ranks first in China in terms of production volumes, has published reports for the past 2021. According to published data, its net profit of 70.32 billion yuan has approximately tripled in twelve months. At the same time, economists expected its even higher growth – up to 74.09 billion yuan. It is also reported that the revenue at the end of the year was 246.11 billion yuan, up 58.4% from the same indicator of the previous year. According to market estimates, this figure was expected at 245 billion yuan. The volume of hydrocarbons produced in the reporting period was noted at the level of 573 million barrels of oil equivalent. Over the year, the indicator increased by 8.5%. The company sold hydrocarbons worth 222.1 billion yuan. A year earlier, its sales were 139.6 billion yuan. The market value of CNOOC has increased by 38.5% since the beginning of this year.

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Arseny Kudrin

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