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2020-01-13 15:30:00

CHINA'S CNOOC INVESTMENT $13 BLN

CHINA'S CNOOC INVESTMENT $13 BLN

REUTERS - JANUARY 13, 2020 - Chinese offshore oil and gas major CNOOC plans to lift capital spending to the highest level since 2014, it said on Monday, as it sharpens its focus on domestic drilling.

CNOOC, one of the industry's lowest-cost explorers and producers, will maintain its cost competitiveness after record low costs in 2019, finance chief Xie Weizhi told a media briefing.

The increase in spending to between 85 billion and 95 billion yuan ($12.34 billion to $13.79 billion) compares with 2019 capital expenditure estimated at 80.2 billion yuan,…

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