Feb. 2, 2007 (China Knowledge) – China National Offshore Oil Corp., the parent firm of listed CNOOC<CEO><883>, posted a 24% rise in profit last year to RMB 48.1 billion on the back of higher oil prices.

Turnover grew 36% to RMB 120.8 billion, announced the nation's dominant offshore oil and gas producer in a statement without specifying if the profit was before or after tax.

The firm has not disclosed its realized oil selling price for 2006. Rival PetroChina <PTR><857> reported a 23.55% jump in its price, compared with a 20.1% rise in Brent crude and a 17.3% leap in West Texas Intermediate oil.