Top Chinese offshore oil and gas producer CNOOC Ltd plans to raise oil and gas output in 2011, the company said in a statement on Thursday.
State-backed CNOOC said it aimed to produce 355-3 65 million barrels of oil equivalent (boe), compared with estimated output for 2010 of 327-329 million boe.
CNOOC, the smallest of China's triumvirate of energy companies that also includes PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec)said it had targeted $8.8 billion in capital expenditure for 2011, compared with a revised $ 5. 6 billon in 2010.
Oil prices climbed 15 percent in 20 10 on the back of expectations that a global economic will drive demand. Analysts are similarly bullish for 2011, predicting crude prices to trade at around $100 for the year.
