January 13, 2020 / 9:09 AM / 10 days ago

China's CNOOC plans to lift 2020 capex to highest since 2014

SINGAPORE, Jan 13 (Reuters) - China’s offshore oil and gas major CNOOC Ltd is planning to lift capital spending to 85 billion to 95 billion yuan this year, the highest since 2014, as it focuses on domestic drilling, it said on Monday.

Last year’s capex budget was 70-80 billion yuan.

The state-owned firm said it is targeting total net oil and gas output this year of 520-530 million barrels of oil equivalent (boe), an increase from last year’s estimated output of 503 million boe.

The firm’s latest estimate of 2019 production was well above an earlier target at 480-490 million boe.

Production from offshore China will account for about 64% of the 2020 target and overseas operations 36%, the company said. (Reporting by Chen Aizhu; Editing by Jan Harvey)

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