Chinese offshore leader CNOOC Ltd has increased its capital expenditure budget by 13% in 2023, compared with spending last year.

The company said it has a capital expenditure budget of between 100 billion yuan and 110 billion yuan (between $14.5 billion and $16 billion) in 2023, compared with a 2022 budget of between 88.2 billion and 98 billion yuan.

CNOOC Ltd said exploration, field development and production spending will account for 18%, 59% and 21% of this spending, respectively.