Chinese oil and gas giant CNOOC Ltd plans to raise spending on upstream exploration and production to between 88.2 billion and 98 billion yuan ($13.86 billion and $15.4 billion) in 2022.

The upstream part of the budget, which accounts for all but a tiny fraction of the company's entire spending kitty, compares to a total budget of 90 billion yuan in 2021.

Of the exploration and production budget, 73% will be earmarked for domestic E&P, while the rest is set to be directed towards the Chinese company's overseas upstream business.