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CNOOC to accelerate production growth

The Chinese company is planning to spend around $13 billion on upstream activity in 2020 in a bid to boost oil and gas production The Chinese company is planning to spend around $13 billion on upstream activity in 2020 in a bid to boost oil and gas production.
By Colin Shek 14 January 2020 Asia Pacific / Companies & Finance 0 34931
CNOOC's Yacheng platform. (CNOOC)

China National Offshore Oil Corp. (CNOOC) has underlined its commitment to growing oil and gas production in the short term, at a time when its domestic and international peers are stressing a focus on capital discipline and investment in low-carbon technologies.

CNOOC Ltd, the listed unit of China’s main offshore energy producer, said on Monday it plans to lift capital expenditure on exploration and production in 2020 to a six-year high of RMB 85-95 billion ($12.3-13.8 billion), which is slightly above industry expectations.

It also...