China's CNOOC Ltd is poised to continue its push for higher investment in offshore exploration and development, assuming the global oil price continues its robust rise this year.

The state-controlled company is prepared to spend up to $15.5 billion on exploration and production this year — a 27% increase over 2020 — as it sets its sights on increasing oil and gas output.

Exploration spending this year represents only 17% of its total expenditure, down from last year’s 20%, while investment in development is up to 61% of the total from last year’s 58%.