China: CNOOC to Expand Capital Expenditure
|
|
|
|
Thursday, 22 January 2009 |
|
China National Offshore Oil Company Limited (CNOOC Ltd.) announced this
week that the company will increase its capital expenditure by 19
percent year on year to 6.76 billion U.S. dollars in 2009 to boost
output and reserves growth.
In a circular released on its website about the company's business
strategy and development plan for year 2009, CNOOC Ltd. said 4.38
billion U.S. dollars of the total capital expenditure is budgeted for
development. The company's net production is estimated to hit 225
million to 231 million barrels of oil equivalent (BOE) in 2009,
compared with the estimated net production of 194 million to 196
million BOE for 2008, according to the circular.
Although oil prices declined in the second half of 2008, CNOOC Ltd. has
kept its business at stable pace, said Fu Chengyu, Chairman and CEO of
the company. The expenditure will be divided between refinery and
production in downstream and the balance in upstream.
PetrolWorld 190109
|
