CNOOC posts big profits

China National Offshore Oil Corp said rising oil prices and strong output growth were responsible for a 57% increase in net profits in 2005 to US$3.15 billion. The company saw its average oil selling price rise by 34% to US$47.31 per barrel. Offshore oil and gas production reached 141 million barrels of oil equivalent, an increase of 14%. CNOOC said seven new projects went into production in 2005 and 14 new discoveries were made. In January, it bought a stake in a Nigerian oil field for US$2.27 billion. However, the company announced that it had broken off negotiations over a natural gas deal in Australia and will instead buy supplies from Indonesia.