China’s CNOOC to boost oil, gas exploration spending
China’s CNOOC Ltd plans to invest a record amount of money in oil and gas exploration in the next few years to raise the company’s output and reserves, its chairman said on Tuesday. “Currently the central government highly values oil and gas exploration and development and gave special directions,” CNOOC’s Chairman Yang Hua said at a company event. He did not give details on the amount to be spent. Yang said the government is likely to give favourable policies to oil companies to support their offshore oil and gas exploration. His comments came as President Xi Jinping repeatedly asked oil majors to boost national energy security. Central government officials have met recently with executives from China’s three state-owned oil majors – PetroChina , Sinopec and CNOOC – to discuss plans to boost China’s crude oil and natural gas output, Yuan Guangyu, vice president of the CNOOC group said on the sidelines of the event. CNOOC also signed strategic agreements with nine foreign companies to conduct exploration at two oil and gas blocks in southern China.