BEIJING: China’s CNOOC more than doubled its net profit in 2022, benefiting from a year of elevated international oil and gas prices following Russia’s invasion of Ukraine.

The company, one of China’s three largest state-controlled oil and gas companies, posted a record consolidated net profit of 141.7 billion yuan ($20.57 billion), a dramatic increase on last year’s figure of 70.32 billion yuan ($10.21 billion), according to a company filing on the Hong Kong Stock Exchange on Wednesday.

Total oil and gas output stood at 624 million barrels of oil equivalent (boe), representing a 8.9% increase on last year’s figure of 573 million boe. CNOOC has targeted a record 650 million to 660 million boe for this year. It is aiming for 6% average annual production growth by 2025 when output is forecast to hit 2 million boe a day.

Historically one of the industry’s lower-cost explorers and producers, the company’s all-in production cost was at $30.39 per barrel last year, versus $29.49 per barrel in 2021. Consolidated capex was 100.36 billion yuan, up 14.6% on the previous year.

CNOOC is a top contributor to China’s domestic oil production as state-owned oil companies tackle geologically more complex and more costly resources to counter a steep decline at mature basins.