CNOOC to Spend $53B on Exploration -Report

SHANGHAI (Dow Jones Newswires), Feb. 15, 2011

China National Offshore Oil Corp. will spend CNY350 billion ($53 billion) on oil and gas exploration in China over the next five years, state television reported Tuesday, without citing a source.

More than CNY20 billion of the planned investment will go toward deep-water exploration, it said.

The company's listed unit, CNOOC Ltd. (CEO), is China's biggest offshore oil and gas producer by output.

Copyright (c) 2011 Dow Jones & Company, Inc.

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