China National Offshore Oil Corporation Limited (CNOOC) announced on Friday that its net income for 2005 reached 25,323 million yuan (3,153 million U.S. dollars) in 2005.

The company said its total revenue also surged 25.8 percent over that of 2004.

Yang Hua, chief financial officer and executive vice president of the company, said, "I'm very proud that our financial results hit a new record this year. This is the result of our consistent efforts to maintain prudent financial policy."

The company's exploration activities in 2005 resulted in 14 oil and gas discoveries, and eight appraisal successes offshore China, achieving a reserve replacement ratio of 186 percent and increasing net proved reserves by 288 million barrels of oil equivalent (BOE). Up to December 31, 2005, the company accumulated net proved reserves at about 2.36 BOE, Yang said

Seven new projects commenced production successfully in 2005, contributing significantly to the production offshore China, which increased 13.7 percent to 141 million BOE, he added.

Source: Xinhua