CNOOC expects little change in output
Mainland oil giant still aims for average annual growth of up to 10 per cent in five years to 2015
CNOOC, the mainland's dominant offshore oil and gas producer, expects flat output growth this year but is maintaining its average annual growth target of 6 to 10 per cent in the five years to 2015.
The five-year target excludes new acquisitions, such as its US$15.1 billion purchase of Canadian oil and gas firm Nexen, which is pending approval by United States regulators.
"We are confident this acquisition will be completed in the first quarter," chief financial officer Zhong Hua told a press conference on CNOOC's goals for this year. "Our chief executive, Li Fanrong, originally planned to be at this conference but is now busy with the acquisition … our team is making all kinds of preparations for the deal's completion."
The deal, China's largest overseas acquisition ever, faced scrutiny by US regulators on national security issues, Zhong said, without elaborating.
Reuters quoted unnamed experts last month as saying one issue to be examined was whether some of Nexen's assets are too close to sensitive US military zones.
A small portion of the firm's assets are in the Gulf of Mexico in US territory. They contribute about 10 per cent of Nexen's total output.
Regulators in Britain - where most of Nexen's assets are located, in the North Sea - China, the European Union and Canada have approved the deal.