CNOOC Reports Profits Fell by Two-Thirds Last Year

(Beijing) – The country's third largest oil producer in terms of production reported 2015 net profit of 20.25 billion yuan, 66.4 percent less than the figure a year earlier and the weakest since 2004.

State-owned China National Offshore Oil Corp. Ltd. (CNOOC) said in a financial report released on March 24 that it had revenue last year of 171.43 billion yuan, a year-on-year drop of 37.6 percent.