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CNOOC looks offshore China for 2013

Jan. 31, 2013 at 8:06 AM   |   Comments

BEIJING, Jan. 31 (UPI) -- China National Offshore Oil Corp. said it aims to produce as much as 348 million barrels of oil equivalent in 2013, a marginal increase from last year.

CNOOC Ltd. said it set a net production target for 2013 of 338 million-348 million boe. Last year's net production ranged from 341 million-343 million boe.

The company said new net production would in part derive from the 10 new oil and natural gas fields offshore that are expected to come on stream this year. CNOOC added that it plans to drill around 140 exploration wells and expand its deep-water activity in 2013.

"In 2013, the company will continue to strengthen our exploration, development and construction activities to further facilitate the company's growth in the future," CNOOC Chief Executive Officer Li Fanrong said in a statement.

CNOOC said it would support its growth objectives in 2013 with a total capital expenditure of $12 billion-$14 billion.

CNOOC in July offered to take over Canadian energy company Nexen for $15 billion. This week, both sides said they agreed to extend the takeover agreement to March 2.

Canadian Industry Minister Christian Paradis approved of the takeover proposal last month, ending the Canadian approval process. The U.S. government needs to review the deal because Nexen has operations in the U.S. waters of the Gulf of Mexico.

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