Sector brief: Energy & Environment
CNOOC to increase output by up to 28% in 2010
February 3, 2010: China’s largest offshore oil producer announces a production growth target that far exceeds expectations
State-owned China National Offshore Oil Corp (CNOOC; 0883.HK, CEO.NYSE) announced Tuesday that it will produce between 275-290 million barrels of oil and bring nine new offshore production facilities online in 2010, providing a 28% annual increase in gas and crude output. This figure far exceeds earlier analyst estimates of 7-11% growth. The company also plans to boost capital expenditure to US$7.93 billion in 2010, up 29.5% year-on-year.
CNOOC’s production goals are depende...
CNOOC’s production goals are depende...
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