CNOOC to invest up to $14bn in development push

Offshore expansion: CNOOC eyes ten new fields coming on stream this year

China National Offshore Oil Corporation has said it will invest $12 to $14 billion capital this year as part of a drive for average annual output growth of between 6% and 10%.

The New York- and Hong Kong-listed Chinese oil giant said it expects to produce between 338 and 348 million barrels of oil equivalent (boe) in 2013.

While this rate is largely flat with 2012’s forecasted 341 million to 343 million boe, chief executive Li Fanrong said the player was looking at up to 10% average growth by 2015 versus 2011.

“We are confident to achieve 6% to 10% compound annual growth rate on production growth from 2011 to 2015,” Li said, adding 2013 would be a year of strengthening exploration, development and construction for future growth.

The explorer is spending…

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