(Yicai Global) Oct. 17 -- China National Offshore Oil, one of China's top three oil companies, has made history by having its net profit surpass CNY100 billion (USD13.9 billion) in the first three quarters of this year, benefiting from surging oil prices.

From January to September, CNOOC's net profit is expected to tally from CNY107.8 billion to CNY109.8 billion, doubling from a year ago, the Beijing-based state-owned firm said in a statement yesterday.

Oil and gas production hit a record high, the company said without disclosing raw data. CNOOC seized favorable opportunities of rising oil prices, enhanced exploration and development, increased reserves and output, and improved quality and efficiency, it said. The firm further consolidated its cost advantages with a significant increase in profit levels from last year.

In the third quarter, net profit could be a minimum of CNY35.9 billion or up to CNY37.9 billion (USD5 billion to USD5.3 billion), based on the estimate and data from the first half.

During the first six months of this year, net profit more than doubled to CNY71.9 billion, exceeding that of the entire year of 2021, according to an earlier earnings report. Revenue jumped by 76 percent to CNY176.7 billion from a year ago.

International oil prices once again exceeded USD100 per barrel this year after eight years of lower price levels. Some of the reasons are the escalated Russia-Ukraine conflict, strong global demand, and low inventories. However, since July, prices have been declining amid a grim economic outlook. Brent crude oil futures, which trade in London, are back to around USD90 per barrel, and in New York, the main contract of crude oil futures is valued around USD85 per barrel.

CNOOC's Shanghai-listed shares [SHA: 600938] moved down by 0.3 percent to CNY16.24 (USD2.30) during the morning session.

Its Hong Kong-listed equity [HKG:0883] climbed 0.5 percent to HKD9.71 (USD1.20).

Editor: Emmi Laine, Xiao Yi