Summary The company says its revenue increased 15.44 percent to 285.86 billion Yuan, compared to 2012.
HONG KONG (AFP) - Chinese state-owned energy giant CNOOC reported on Friday a net profit drop of more than 11 percent for 2013, amid sluggish global and domestic economic growth.
Net profit for the 12 months ending December 31, 2013 was 56.46 billion Yuan ($9.09 billion), 11.35 percent less than the previous year s 63.69 billion Yuan, it said in a filing to the Hong Kong stock exchange.
"In 2013, amid complex economic conditions on both domestic and global fronts, the company... achieved notable results and significant progress in exploration, development and production, and international development," group chairman Wang Yilin said in the statement.
China s largest offshore oil and gas producer successfully acquired Canada s Nexen energy company for $15.1 billion in February last year, which it said had built a new overseas platform for the company.
CNOOC said its revenue increased 15.44 percent to 285.86 billion yuan, compared to 2012.
"In 2014, the company will further strive to control costs and enhance efficiency," Wang said, adding that the firm faced challenges in areas including production growth and cost structure.
It produced 20.2 percent more oil in 2013, compared with the previous year, at 411.7 million barrels of oil equivalent (BOE), surpassing its annual production target. The company said it would aim to produce 422 to 435 million BOE in 2014.
However, despite decreased net profits, CNOOC s capital expenditure is expected to rise by 14 to 30 percent or 105 billion yuan to 120 billion yuan in 2014 from 92.4 billion yuan in 2013.
Rival Sinopec, which saw net profit growth of 3.4 percent, said it would trim capital expenditure by 4.2 percent for 2014 and Petro China, which saw net profit growth of 12 percent, said it would cut expenditure by seven percent.
China is the biggest energy consumer in the world, the second-biggest consumer of oil, and has been snapping up resource assets across the globe in order to fuel break-neck growth.
CNOOC last week announced its first independent deep-water discovery in the South China Sea in the Qionggongnan Basin.
