24 Oct, 23

Chinese Oil Giant CNOOC Lifts Capex To Record High

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China’s state-held oil and gas giant CNOOC Ltd raised its capital expenditure budget for this year to a record high to support growth in its reserves and production, the company said in its quarterly report on Tuesday. CNOOC raised its net oil and gas production in the third quarter and in the nine months of 2023, thanks to growing domestic output and production increases at projects offshore Guyana and Brazil, where CNOOC is a minority shareholder. CNOOC’s revenues for the third quarter rose by 5.5% year-on-year, but the net income…

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