(Yicai Global) Jan. 20 -- PetroChina and China National Offshore Oil, two of China’s three oil majors, are expecting a substantial jump in profit in 2022 from the year before thanks to rising international oil prices.

PetroChina forecasts net profit to soar by between 57 percent and 68 percent in 2022 year on year to between CNY145 billion (USD 21.4 billion) and CNY155 billion, the company said in its annual forecast report released yesterday.

While CNOOC predicts profit to double from a year earlier, surging by between 99 percent and 104 percent to reach between CNY139.6 billion (USD20.6 billion) and CNY143.6 billion, the firm also said yesterday.

Both PetroChina, which has the country’s largest oil and gas reserves, and CNOOC, which is China’s largest producer of offshore crude oil and natural gas, have been expanding production in order to take advantage of the higher oil prices.

PetroChina has been developing its businesses along the whole industrial chain, it said. Sales of diesel, natural gas and chemical products all climbed last year and the firm’s operational efficiency also increased. Buoyed by the high prices, in the first three quarters last year, Beijing-based PetroChina scored its best performance over the same period in the past 10 years.

“CNOOC seized the opportunity posed by rising oil prices to increase its oil and gas reserves and production as well as improve quality and efficiency, all of which helped drive up profit greatly,” CNOOC said. Drilling and oilfield technology services contribute more than 80 percent of the company’s revenue.

PetroChina’s share price [SHA:601857] was trading up 1.9 percent at CNY5.20 (USD0.77) as of 1.20 p.m. China time today, while CNOOC’s stock [SHA:600938] climbed 3.6 percent to trade at CNY16.29.

Editors: Shi Yi, Kim Taylor