CNOOC gets approval for $29 bln exploration project

China National Offshore Oil Corporation (CNOOC) has gained the investment approval from the State-owned Assets Supervision and Administration Commission of the State Council, to expand oil and gas exploration in next decades.

The massive investment plan, involving the capital of 200 billion yuan, will start next year, and the production capacity is expected to hit 50 million tonnes, running neck-and-neck with China¡¯s biggest oil field, Daqing Oil Field.

The programme may focus on the construction of exploration infrastructure and development capacity for oil and gas fields deep in the sea.