CNOOC to Invest $12B in Gas, Oil Exploration

The China National Offshore Oil Corporation (CNOOC) will invest $12.5b in gas and oil exploration in the next five years, CRI reported. By 2010, more than 50 new gas and oil fields of CNOOC Limited will be completed and put into production. The new fields, 24 of which are under construction and 13 under development assessment, are mainly located in East China's Bohai Sea, the Pearl River estuary and the Beibu Gulf in the South China Sea. By 2010, CNOOC Limited will have a production capacity of 50 million tons of oil equivalent, including 38 million tons of crude oil and 12.6 billion cubic meters of gas. (Source: CRI)