China’s Offshore Oil Giant Sees Profits Jump By 89%

China National Offshore Oil Corporation (CNOOC) reported on Thursday an 89.1% annual surge in its net profit for the third quarter, pushed up by higher oil and gas prices. The net profit for Q3 nearly doubled to $5.1 billion (36.881 billion Chinese yuan) from $2.7 billion (19.508 billion yuan) for the third quarter of 2021. Revenues surged by 53.7%, as the average realized prices for crude and liquids jumped by 36.1% year over year to $95.80 per barrel in the third quarter, and the average realized gas prices increased by 15.1%, CNOOC said. “In…