Cnooc Ltd., China’s biggest offshore oil producer, said profit rose 90 percent in the first nine months of last year as it ramped up production to meet demand in China, reported Friday’s Bloomberg.

Consolidated net income increased to 38.9 billion yuan ($5.9 billion) from 20.5 billion yuan a year earlier, the Beijing-based energy explorer said in a statement to the Hong Kong stock exchange Friday.

Cnooc benefited from a 35 percent jump in realized oil prices during the period and plans to drive its future growth with overseas acquisitions and discoveries at home.

Cnooc spent at least $8.4 billion on assets in Latin America and the U.S. in the past 12 months to secure supplies to help meet China’s energy needs.

Most of Cnooc’s oil production comes from off the Chinese coast, with about 15 percent drilled overseas, the company said in its nine-month sales report on Oct. 28.

Oil and gas sales rose 89 percent in the first nine months to 106.1 billion yuan, boosting overall revenue to 130.3 billion yuan, Cnooc said today.

The Beijing-based energy explorer suspended shares Thursday after announcing plans to issue 10- and 30-year U.S. dollar bonds. No details were given of how much money Cnooc plans to raise.

The proceeds of the bond offerings would go toward «  »general corporate purposes, »" said the company, without elaborating.

Source : Konaxis