China offshore specialist China National Offshore Oil Company said it will increase total investments in this year to $16.5 billion, up 26% from last year, despite low prices that have forced some foreign firms to cut spending plans.
‘The company, parent of CNOOC Ltd, plans to produce 48.05 million tonnes (352.2 million barrels) of oil equivalent this year, 14% more than last year, general manager Fu Chengyu said. The targeted growth is sharply higher than its output gains in last year, when it produced 42.93 million tonnes (314.7 million barrels) of oil equivalent, 6% more than 2007. The company, an upstream producer, is expected to bring its first major refinery, the 240,000 barrels-per-day Huizhou plant, into operation early this year after months of delays. Most of CNOOC’s key upstream assets are run by CNOOC Ltd., its listed arm.