CNOOC in US$3b plan to increase production

CNOOC Ltd, China’s largest offshore oil producer, said it is boosting capital spending by 35 percent to US$3.06 billion (HK$23.87 billion) this year in an attempt to increase reserves and output after failing last year to meet production targets.

“We will be focusing most of our exploration efforts in offshore areas in Bohai Bay and the South China Sea, though we will also be starting new overseas projects, including in Indonesia,” said chief financial officer Yang Hua. He said CNOOC aims to find sufficient new reserves to more than replace this year’s targeted output of between 168 million and 170 million barrels of oil equivalent.

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