CNOOC, China National Offshore Oil Corporation, said annual production of 126.5 million barrels of oil equivalent was the highest in company history and helped generate oil and gas revenue of $US2.9 billion, an increase of 35.4% or $US751 million on the 2001 figure.
Net profit was $US1.1 billion, an increase of 16% or $US154 million on 2001.
"2002 was another spectacular year for CNOOC. The company had the highest production growth in its history and generated very strong earnings through production volume increases and well-controlled costs," said chairman and chief executive officer, Wei Liucheng.
Liucheng added successful drilling and "opportunistic acquisitions", CNOOC has achieved a reserve replacement ratio of 281% with net petroleum reserves now totalling approximately 2 billion boe.
Last year, the Chinese giant caught media attention after spectacular farmins into Australia's brownfield North West Shelf and Indonesia's greenfield Tangguh gas project.
