China's offshore oil giant, China National Offshore Oil Corp. Ltd., or CNOOC Ltd. said Thursday its profits last year reached about 30.93 billion yuan ( about 3.98 billion U.S. dollars), 22.1 percent higher than 2005.

The company listed in Hong Kong said its total revenue amounted to 88.95 billion yuan, up 28 percent from last year, making earnings of per share to 0.73 yuan, satisfying the market expectation.

The board proposed a year-end final dividend of 0.14 HK dollar per share, together with the interim dividend of 0.12 HK dollar per share, the total dividend for last year will be 0.26 HK dollar per share.

The company attributed its exciting annual performances to its stringent cost control measures, higher production volume and high level of international oil price.

Share price of the company closed 3.17 percent higher at 6.83 HK dollars Thursday.

Analysts believe the increase is both a result of the company's excellent performance and the climbing of international oil price due to the tension between Iran and Britain over the detaining of British soldiers.