Cnooc Plans New Oil Fields, Acquisitions After Record Profit

Cnooc Ltd. (883), China’s biggest offshore oil producer, plans to start new fields at home and add assets abroad after its fastest output growth boosted annual profit by 85 percent.
“Rapid growth of the company’s production will continue over the next few years,” Chairman Fu Chengyu said yesterday after reporting net income reached a record 54.4 billion yuan ($8.3 billion). Cnooc will tap its cash flow to ramp up exploration and acquire more assets, Fu said in Hong Kong.
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Source: Bloomberg