CNOOC 2007 profit flats up 1.1%

China National Offshore Oil Corporation (CNOOC)<883>, the nation's largest offshore oil producer by output, said its net profit rose 1.1% from the previous year in 2007, dragged by the wispy output increase and higher huge profit tax.

Net income was RMB 32.16 billion (US$4.45 billion), or RMB 0.72 a share, compared with RMB 30.93 billion, or RMB 0.69 apiece a year earlier, said the company in its annual earnings report. The result accords with an estimate of RMB 31.21 billion in a Thomson Financial survey. Revenue climbed 2% year-on-year to hit RMB 90.72 billion. Oil and gas sales advanced 7.7% year-on-year to RMB 73 billion, buoyed by higher oil price in 2007.

CNOOC produced 171 million barrels-of-oil-equivalent (BOE) last year, up 2.6% over 2006. It expects to produce 199 million BOE this year as several large-size oilfields are scheduled to commence operation this year.