Companies & Finance

CNOOC eyes higher capex spend to boost output and reserves

China’s main offshore oil and gas producer is likely to meet or even exceed its capital expenditure budget for 2019 as it responds to political pressure to increase output China’s main offshore oil and gas producer is likely to meet or even exceed its capital expenditure budget for 2019 as it responds to political pressure to increase output.
By Colin Shek 25 January 2019 0 33873
A CNOOC production platform. (CNOOC)

China National Offshore Oil Corp. (CNOOC) is committing to its aggressive capital expenditure targets for this year, underlining the pressure on China’s upstream companies to boost domestic output following Chinese President Xi Jinping’s call last August to improve national energy security.

CNOOC Ltd., the listed unit of China’s main offshore energy producer, said on Wednesday that it had committed to spend RMB 70-80 billion ($10.3-$11.8 billion) on exploration and production in 2019. The company planned to spend the same amount last...