China's CNOOC Ltd is poised to invest aggressively in oil and gas exploration in the South China Sea from now until 2025, targeting a significant production boost in its western area.
CNOOC Zhanjiang, the local company responsible for E&P in the western South China Sea, has budgeted annual spending of 16 billion yuan ($2.25 billion), part of which will go towards drilling 50 exploration and production wells over the next six years.
