BEIJING, March 29 Reuters China39;s CNOOC, more than doubled its net profit in 2022, benefiting from a year of elevated international oil and gas prices following Russia39;s invasion of Ukraine.

The company, one of China39;s three largest statecontrolled oil and gas companies, posted a record consolidated net profit of 141.7 billion yuan 20.57 billion, a dramatic increase on last year39;s figure of 70.32 billion yuan 10.21 billion, according to a company filing on the Hong Kong Stock Exchange on Wednesday.

Total oil and gas output stood at 624 million barrels of oil equivalent boe, representing a 8.9 increase on last year39;s figure of 573 million boe.

CNOOC has targeted a record 650 million to 660 million boe for this year. It is aiming for 6 average annual production growth by 2025 when output is forecast to hit 2 million boe a day.

Historically one of the industry39;s lowercost explorers and producers, the company39;s allin production cost was at 30.39 per barrel last year, versus 29.49 per barrel in 2021.

Consolidated capex was 100.36 billion yuan, up 14.6 on the previous year.

CNOOC is a top contributor to China39;s domestic oil production as stateowned oil companies tackle geologically more complex and more costly resources to counter a steep decline at mature basins.

The company continues to explore new reserves, reporting 18 commercial discoveries this year and yielding a reserve replacement ratio of 182.

Net proven reserve stood at about 6.24 billion boe…