Energy Sector Roundup: Iraq Drives Oil

CNOOC Posts Lackluster 2007 Earnings

CNOOC Ltd., China's largest offshore oil and gas producer by capacity, said 2007 net profit rose only about 1 percent with minimal increases in output and a big jump in the windfall tax on oil sales.

Net profit in 2007 rose to $4.28 billion from $4.24 billion the previous year. Revenue rose 2 percent to $13 billion.

Total output of oil and gas last year rose 2.6 percent to 171 million barrels of oil equivalent (boe). The company's Liuhua oil field was shut down after a typhoon. Some bigger fields are not due to start production until later this year.

CNOOC aims to produce 195 million to 199 million boe this year. It expects its output from offshore China to rise to 171 million to 173 million boe from 149 million boe in 2007.

Norsk Hydro Raises Ascent Solar Stake

Shares of Ascent Solar Technologies Inc. took off following news that Norwegian aluminum company Norsk Hydro ASA increased its stake in the company to 35 percent from 23 percent.

In afternoon trading, Ascent shares rose $3.59, or 30 percent, to $15.55.

Norsk exercised an option to buy another 2.3 million Ascent shares and 1.7 million Class B warrants. Ascent made $28.4 million in gross proceeds on the deal.

Norsk, the company's largest shareholder, bought 1.6 million shares from Ascent in March 2007. Ascent also gave Norsk two options to purchase additional shares of stock and warrants. Norsk exercised the first option in August 2007, after which it owned 23 percent of Ascent stock and warrants.