XIAMEN FIT IMPORT & EXPORT CO., LTD.
CNOOC increases total investment in 2007 by 19%
click rate:2283 issue time:2007-03-10 08:12


Feb. 23, 2007 (China Knowledge) – The China National Offshore Oil Corp. (CNOOC) <CEO><883> said Thursday that its total investment in 2007 is expected to exceed US$3.6 billion, up 19% year-on-year.


More than 20 projects will start operation in the next few years, including several oil blocks in coastal waters, said a company official. Five projects will begin operations this year.


The official added that CNOOC has seen remarkable improvement in oil developing technology, with 52 oil and gas fields put into production after it was established in 1982. The company has improved its deep-water exploration capacity to 300 meters, and has successfully developed two oil fields in the South China Sea.