Chinese Oil Giant CNOOC Books Record-High Profit For 2022

CNOOC, the Chinese state-owned oil and gas giant, reported on Wednesday a record-high profit for 2022, thanks to the high oil and gas prices.  CNOOC also boosted its net oil and gas production to 623.8 million barrels of oil equivalent (boe), which was a new record high for the company. The Chinese giant saw its net profit double to $20.6 billion (141.7 billion Chinese yuan) last year as it "maximized its profit during the high oil price cycle." Total revenues jumped by 71.6% year over year to $61.3 billion (422.2 billion yuan) in 2022. CNOOC's…