China to invest US$53 billion on oil and gas exploration

Beijing, China — ESI-AFRICA.COM — 15 February 2011 – In a clear indication of its urgent need to establish new oil and gas supplies for the development of more energy to meet China’s mushrooming mining and industrial needs, the country’s offshore oil company CNOOC is to invest US$53.06 billion in a new exploration programme.

Revealing this here today, state television reported that exploration would be focused on uncovering oil and gas resources in China over the next five years.

The report went on to say that planned investment included US$3.03 billion for deepwater exploration and development. It did not specify whether this would be carried out by the state-owned parent company or its listed arm CNOOC Limited.