CNOOC Profit Jumps by 11% on Record Oil and Gas Production

Chinese state-owned oil and gas giant CNOOC reported on Thursday an 11.4% rise in net profit for 2024, as record oil and gas production offset weaker energy commodity prices. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $19 billion (137.9 billion Chinese yuan) for 2024, up by 11.4% from a year earlier, as production hit another record high last year. CNOOC’s net oil and gas production was 726.8 million barrels of oil equivalent (boe), up by 7.2% compared to 2023. Net oil…