Cnooc said it expected its crude oil and natural gas production to rise by 16-18% this year due to output from new projects in Nigeria and Indonesia, the Wall Street Journal reported. The company, which is the largest listed offshore oil and gas producer in China by capacity, said it plans to boost its capital expenditure by 19% to US$6.76 billion despite lower oil prices. This is counter to what Cnooc’s foreign competitors are doing — most are trimming production capacity and costs. Cnooc is targeting production of 225 million to 231 million barrels of oil equivalent in 2009, up from 194 million to 196 million in 2008, the company said in a statement. The company will also bring 10 new projects online in 2009. Cnooc is a unit of China National Offshore Oil Corp.
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