BUSINESS China National Offshore Oil gross revenue tops 750b yuan

BUSINESS

China National Offshore Oil gross revenue tops 750b yuan

By Zheng Xin | chinadaily.com.cn

08:57, March 27, 2020

The logo of China National Offshore Oil Corp (CNOOC) is pictured at its headquarters in Beijing, China April 4, 2018. (Photo/Agencies)

China National Offshore Oil Corp said its gross revenue reached 750.9 billion yuan ($106.1 billion) last year, with total oil and gas production reaching 107 million tons of oil equivalent and oil trade volume reaching 109 million tons.

Also known as CNOOC, China's largest producer of offshore oil and gas, the corporation imported 27.69 million tons of liquid natural gas (LNG) last year. Natural gas power generation also reached 22.6 billion kilowatt hours in the past year, it said.

The company has steadily pushed forward its new energy business, including offshore wind power, while advancing studies in fields of hydrogen energy, geothermal energy and natural gas hydrate, towards a sustainable development of the country.

As many as 23 commercial discoveries were made and 30 oil and gas bearing structures were successfully appraised last year, the corporation said.

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