CNOOC ADR Representing 100 Ord Shs (CEO)

[Timothy Smith]

$CEO - CNOOC is after growth. It is investing from about $12 billion to $14 billion in 2013 in pursuit of an annual average growth rate of 6 percent to 10 percent from 2011 to 2015.

Further it has allocated 70 percent of its spending on development in order to bring 10 new oil and gas fields online offshore China.

In 2013, the company is also expecting to drill 140 exploration wells. CNOOC will also purchase 2-Dimensional (2D) and 3-Dimensional Data (3D) seismic data, which will boost deepwater exploration activities. Therefore, 2013 is going to be a year of exploration, development and construction for future growth.

A major recent achievement of CNOOC would be the acquisition of Nexen Inc. This means that CNOOC now gets hold of Nexen's substantial reserves in Canadian oil sands.

Nexen is also dynamic in natural gas exploration in shale rock formations and also owns approximately 300,000 acres of shale-gas blocks in the Horn River Basin in British Columbia.

The above mentioned measures to enhance production by CNOOC both by exploration and acquisition of additional assets around the world is in line with the increasing energy demand of the growing Chinese economy and that of ASEAN.