The Chinese state energy major reported a 15.9% rise in its net profit last year compared to 2018 levels to $8.6B due to higher oil and gas output and persistent cost control.CNNOC Ltd.said its output rose 6.6% year-on-year to 506.5MM boe while its realized oil prices climbed 5.8% to $63.34/bbl.The company also noted its all-in production costs fell by 2.0% to $ 29.78/bbl last year.Its net proved reserves at the end of last year exceeded 5.0B boe,giving the company a reserve replacement ratio of 144%,as it announced 23 commercial discoveries during the year.
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