CHINESE offshore operator CNOOC Ltd posted a drop in revenue and profit last year despite production hitting a record high. The state-controlled company posted net profit of 24.96 billion yuan ($3.8 billion) for the 12 months of 2020, which was a 59.1% drop from 61.06 billion yuan the previous year. Revenues sank 29.2% to 139.6 billion yuan from 191.17 billion yuan in 2019. The decreases were attributed to the impact of the Covid-19 pandemic, which hammered global demand and sent oil prices tumbling a year ago.
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