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CNOOC net profit up 113.5% YOY in 2018

Chinese state-run oil major CNOOC Ltd. reported March 21 a net profit of 52.69 billion yuan for 2018, up by 113.5% from 24.68 billion yuan a year ago.

The company said it earned higher revenues of 226.96 billion yuan for the full year, topping 2017's 186.39 billion yuan by 21.8%.

CNOOC said natural gas production climbed to 530.2 billion cubic feet in 2018 from 474.7 Bcf in 2017, while crude and liquids production fell slightly to 383.5 million barrels in 2018 from 388.7 million barrels in 2017. The figures include overseas production.

The firm said its net proved reserves at the end of 2018 reached 4.96 billion barrels of oil equivalent.

CNOOC also spent a total of 62.6 billion yuan for its capital expenditures in 2018.

For 2019, the company plans to allocate 70 billion yuan to 80 billion yuan for its capital expenditures and targets production of 480 million to 490 million boe.

As of March 20, US$1 was equivalent to 6.69 yuan.