China’s largest state-controlled oil and gas firms on Thursday guided for a surge in net profits for 2022 as commodity prices jumped last year and Chinese firms doubled down on efforts to boost domestic production. The country’s largest oil and gas E&P company, PetroChina, said today that its preliminary net profit for last year surged by 68% compared to 2021, Bloomberg reported. China National Offshore Oil Corporation (CNOOC), for its part, said its preliminary figures for 2022 showed that net profit doubled last year. From January…
