China National Offshore Oil Corp. plans to spend as much as 1 trillion yuan ($151 billion) in the five years through 2015 to boost production, China Business News reported, citing President Fu Chengyu.
The state-controlled oil explorer will invest in offshore projects and expand its overseas operations, the newspaper said, citing Fu. For funds, the company will tap its cash flow and the capital markets, China Business News said.
China National and its Hong Kong-listed unit Cnooc Ltd. agreed last year to pay more than $8 billion for overseas assets to help meet demand from the world’s fastest-growing major economy. China National plans to produce 50 million metric tons equivalent of oil and gas from overseas fields by 2020, China Business News said, citing Vice President Zhou Shouwei.
The Beijing-based company’s domestic oil and gas output exceeded 51 million tons last year, the state-owned Xinhua News Agency reported today, citing a company official.