CNOOC net profit up 6.6% in 2014

CNOOC Ltd, the biggest offshore oil and gas explorer in China, said on Friday that its net profit rose 6.6 percent last year amid falling oil prices, as the company cut costs to shore up returns.

The listed arm of the State-owned China National Offshore Oil Corp said its 2014 net profit rose to 60.2 billion yuan ($9.72 billion) from 56.46 billion yuan a year earlier. CNOOC said it was able to make a profit in the adverse conditions as it took steps to reduce operating costs.

Global crude prices fell more than 50 percent in the second half of last year, leading to sharp full-year profit declines for China's other two energy giants PetroChina Co and Sinopec Corp.