Offshore oil producer, China National Offshore Oil Co. Ltd. (CNOOC), said on March 23 that its net profit surged 84.5 percent year on year in 2010.

Net profit reached a record high of 54.41 billion yuan ($8.29 billion) last year, the company said in its annual report to the Hong Kong Stock Exchange.

The company's net production of oil and gas rose by a record 44.4 percent year on year to 328.8 million barrels of oil equivalent in 2010. The company's oil and gas sales reached 149.12 billion yuan ($22.72 billion), an increase of 77.7 percent year on year.