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CNOOC's 2018 capex will stay flat this year at RMB 70-80B

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CNOOC Ltd. announced plans to spend RMB 70-80 billion ($10.4-11.8 billion) in capital expenditures in 2019. It plans to drill 173 exploration wells and to acquire 28,000 sq km of 3D seismic data this year. Capex for exploration, development and production will account for 20%, 59% and 19%, respectively. The company had the same capex range for 2018 but announced in October it likely would not spend more than RMB 70 billion for the year. The company said it will boost production nearly......
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