The China National Offshore Oil Corp, or CNOOC, said today its
total investment in 2007 is expected to exceed US$3.6 billion, up
19 percent year on year.
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.
(Xinhua News Agency February 22, 2007)