China's CNOOC to raise oil/gas output in 2009

Published: 20 Jan 2009 18:51:57 PST

HONG KONG, Jan 20 - Top Chinese offshore oil and gas producer CNOOC Ltd <0883.HK> plans to raise oil and gas output in 2009, the company said in a statement on Tuesday.

State-backed CNOOC <CEO.N> said it aimed to produce 225-231 million barrels of oil and gas equivalent (boe), compared with a 2008 output forecast of 194-196 million boe.

The company, which is hunting for overseas assets to meet demand from China, set aside US$6.76 billion in capital expenditure for 2009, up 19 percent from last year.

In November, the Beijing-based CNOOC said it would step up deepwater exploration in the South China Sea from 2009 and planned to invest 200 billion yuan ($29 billion) until the end of next decade, in part beefed up by its building coffers and fast acquisitions of deepwater know-how, despite the global financial crisis.