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CNOOC to invest US$3.6b in 2007

(Xinhua)
Updated: 2007-02-22 14:21

The China National Offshore Oil Corp, or CNOOC, said Thursday its total investment in 2007 is expected to exceed US$3.6 billion, up 19 percent year on year

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More than 20 projects will start operation in the next few years, which include several oil blocks in coastal waters, according to a company official, who added that five will begin operation this year.

The official said the company 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 sharpened its deep-water exploration capacity to 300 meters, and has successfully developed two oil fields in the South China Sea.