(Yicai Global) March 31 -- Chinese offshore oil giant China National Offshore Oil Corporation, which has just been given the go-ahead for a USD5.5 billion secondary listing on the Shanghai Stock Exchange, posted all-time high profit of CNY70.3 billion (USD11 billion) for last year on record output and surging international oil prices.

Net profit surged more than two-and-a-half times in 2021 from the year before, the company said in its latest earnings report released yesterday. Revenue jumped 58.4 percent to CNY246.1 billion (USD38.8 billion), 90 percent of which came from its oil and gas sales.

CNOOC's output of oil and gas grew 8.5 percent last year from the year before to 573 million barrels of oil equivalent, the most ever. While the average price of oil surged 65.7 percent from a year earlier to USD67.89 per barrel, and that of natural gas jumped 12.6 percent to USD6.95 per kilo cubic feet.

This year, the Beijing-based firm is aiming to produce between 600 million and 610 million barrels of oil equivalent, it said in the earnings report.

The Russia-Ukraine conflict is unlikely to affect this production target, The Paper reported today, citing Chief Executive Officer Xu Keqiang said. The goal was set before the unrest started and is difficult to change. But unless the conflict affects the normal production and operations of the company, this year’s target will not change significantly, he added.

CNOOC’s Hong Kong-traded shares [HKG:0883] were trading down 2.7 percent at HKD10.82 (USD1.38) as of 3:15 p.m. China time today.

Editor: Kim Taylor