CNOOC Ltd is to spend up to $15.5 billion on exploration and production this year as the Chinese state-controlled giant sets its sights on increasing oil and gas output. The E&P budget is set to swell 5.5% from last year to between 90 billion and 100 billion yuan ($13.92 billion and $15.47 billion) as the company looks to further boost the record net output of around 528 million barrels of oil equivalent it achieved in 2020. The capital expenditures for exploration, development and production will, respectively, account for 17%, 61% and 20% of the total planned spend, the company said late last week. This is compared with between 85 billion yuan and 95 billion yuan that budgeted for last year.
展开▼
