The decline in international oil prices in 2023 saw the profits of Chinese oil giant CNOOC fall by 12.6% from 2022.
China’s state-held oil and gas giant
, which specializes in offshore oil and gas developments in China and internationally, reported a net profit attributable to shareholders of the company of $17.2 billion 123.8 billion Chinese yuan for 2023, down from the all-time high of $19.7 billion 141.7 billion yuan booked for 2022, when oil prices exceeded $100 per barrel after the Russian invasion of Ukraine. The drop in profits in 2023 was partially contained by reduced costs, the Chinese state oil giant said.
said. All-in costs fell to $28.83 per boe, down by 5.1% from 2022. Since the beginning of this year,
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