Wednesday, January 5, 2011

China's CNOOC plans up to $151 bln investment in 2011-15

BEIJING: China's largest offshore oil and gas producer CNOOC plans to invest between 800 billion and 1 trillion yuan ($121-151 billion) over the next five years to boost production and expand overseas.

China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd <0883.HK>, produced more than 50 million tonnes of oil equivalent of oil and gas in offshore China last year, the China Business News quoted CNOOC General Manager Fu Chengyu as saying on Wednesday, Jan 5.

CNOOC targeted pumping 50 million tonnes of oil equivalent from overseas, by 2020, and generating 50 million tonnes 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, the newspaper said.

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

Last year, CNOOC agreed to a $1.1 billion deal with Chesapeake Energy Corp for a U.S. shale oil and gas field and is pursuing a $5 billion bid with Ghana National Petroleum Corp for major fields in the West African state. - Reuters

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