China's largest offshore oil and gas producer CNOOC plans to invest between 800 billion and 1 trillion yuan ($121-151 billion) over the next five years to boost production and expand overseas.
China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd <0883.HK>
CNOOC targeted pumping 50 million tonnes of oil equivalent from overseas, by 2020, and generating 50 million tonnes of oil equivalent from deepwater sources and building liquefied natural gas-receiving capacity of 50 million tonnes of oil equivalent in China's coastal areas, the newspaper said.
CNOOC has had a traditional stronghold in offshore China, but its aging fields have sparked concern over production growth, putting more pressure on the company to secure outbound deals.
Last year, CNOOC agreed to a $1.1 billion deal with Chesapeake Energy Corp for a U.S. shale oil and gas field and is pursuing a $5 billion bid with Ghana National Petroleum Corp for major fields in the West African state.
(Reporting by Judy Hua, Jim Bai and Beijing newsroom; Editing by Chris Lewis)