China Trade Information

China National Offshore Oil Corp (CNOOC), the country’s largest offshore oil company, announced to raise its oil and gas output this year.

Last year it has produced 169-171 million barrels of oil and gas equivalents, while it aims to raise the gas and oil output to 195-199 million barrels equivalents this year, as 10 new projects will start operation, including major offshore China projects, such as platforms B,D and E of Penglai 19-3 Phase II, the Wenchang oifileds and Xijiang 23-1.

About 80% of the company’s oil output is from China and the rest comes from overseas oilfields, such as Indonesia.

Meanwhile, it will increase the capital expenditure for 2008 by 43.7% to US$5.24 billion. US$1.04 billion will be injected into exploration.

Tags: CNOOC, oil

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