CNOOC net rises on higher prices

CNOOC Ltd, China's largest offshore oil and gas producer, yesterday said its 2008 net profit rose 42 percent because of growth in production and higher oil and gas prices last year.

The company's net profit touched a record high of 44.4 billion yuan, the company said in a statement to the Hong Kong Stock Exchange yesterday. Sales revenue in 2008 was 126 billion yuan, up from 91 billion yuan in 2007.

The Beijing-based company's oil and gas sales rose 38.1 percent in 2008, amounting to 100.83 billion yuan. The average oil and gas prices increased 34.9 percent and 16.3 percent year-on-year, to $89.39 per barrel and $3.83 per thousand cubic feet, respectively.