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CNOOC net profit up 6.6 pct in 2014 on lower cost

Xinhua, March 27, 2015 Adjust font size:

Net profit of China National Offshore Oil Corp. (CNOOC) rose 6.6 percent to 60.2 billion yuan (9.8 billion U.S. dollars) in 2014, the company said in a statement Friday.

CNOOC, China's largest offshore oil and natural gas developer, said the all-in cost was 42.30 U.S. dollars per barrel of oil equivalent (BOE) last year, down 6 percent.

The company said it had net proven reserves of 4.48 billion BOE by the end of last year while the whole year reserve replacement ratio (RRR) was 112 percent.

RRR is the amount of new reserves added to a company's proven reserve base compared to the amount of oil produced. A figure above 100 percent indicates good prospects.

In 2014, CNOOC's average oil price was 96.04 U.S. dollars per barrel, down 8.2 percent and gas was priced at 6.44 U.S. dollars per thousand cubic feet, up 11.4 percent.

Last year, the company's oil and gas sales reached 218.2 billion yuan, down 3.6 percent.

PetroChina, China's top oil and gas producer, said on Thursday its net profit fell 17.3 percent to 107.2 billion yuan in 2014 as weak domestic demand and lower oil prices affected profit gains. Endi