$151 bln CNOOC investment in 2011-15

09:03, January 06, 2011      

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China's largest offshore oil and gas producer CNOOC plans to invest 800 billion to 1 trillion yuan ($118.96-148.70 billion) over five years to boost production and expand overseas.

China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd, produced more than 50 million tons of oil equivalent of oil and gas in offshore China last year, according to the China Business News.

CNOOC targeted pumping 50 million tons of oil equivalent from overseas, by 2020, and generating 50 million tons of oil equivalent from deepwater sources and building liquefied natural gas-receiving capacity of 50 million tonnes of oil equivalent in China's coastal areas.

CNOOC has had a traditional stronghold in offshore China, but its ageing fields have sparked concern over production growth, putting more pressure on the company to secure outbound deals.

Last year, CNOOC agreed to a $1.1 billion deal with Chesapeake Energy Corp for a US shale oil and gas field and is pursuing a $5 billion bid with Ghana National Petroleum Corp for major fields.

Source: Global Times
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