CNOOC eyes more production in 2013
(01-30 19:24)
The biggest mainland offshore energy producer, CNOOC, aims to increase crude and natural gas production by over 2 percent this year. That would mean total production rising to the equivalent of 348 million barrels of oil.
In addition, CNOOC plans to raise capital expenditure by more than half to around US$14 billion, as it seeks to invest more in deep-water projects overseas, RTHK reports.
It also expects to complete the buyout of Canadian energy firm, Nexen, within the next two months.
The company is still awaiting regulatory approval from the US. Canada, Britain, the European Union and China have already approved the US$15 billion deal. CNOOC made the announcement after the market closed. Its shares closed 1.9 percent higher in Hong Kong trading.
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