China National Offshore Oil Corp (CNOOC) is China's number 3 oil producer.
The company is heading out to sea to explore some 140,000 or 210,000 square kilometers of offshore China regions.
Why?
1. The company's revenues rose 32.5% in 2007.
2. Production last year climbed 0.2%.
3. Profits in CNOOC's financial unit were Y3.4 billion.
4. Profits overall were up 17.5%.
6. Deepwater exploration in 2008 will be UP.
7. Discoveries of large oil and gas reserves in the northern South China sea are anticipated this year.
8. $1.04 billion of $5.24 billion in capital expenditure will go for exploration.
That's a lot of money to gamble with. But then, if a gas/oil company is not exploring, then what would they be doing?
