Chinese oil giants have reported record high net incomes for 2022 on the back of strong oil prices and increased oil and gas production.

Onshore supermajor PetroChina announced a 68% increase in net income in 2022, while offshore operator CNOOC Ltd recorded preliminary net income that is double the previous year.

PetroChina said in a statement late Thursday that it expects its 2022 net profit to soar by between 57% and 68% in year-on-year to between 145 billion yuan ($21.4