- After President Xi Jinping called for greater self-reliance and improving national security by boosting domestic reserves in August, the national upstream company CNOOC has now unveiled ambitious plans to boost capital spending with an eye to raise its production.
- Encompassing both domestic and international assets, CNOOC wants to boost its total capital budget by 14% to its highest level since 2014 to raise net production by 15%.
- With Guyanese production on track for 2020, CNOOC's ambitious targets could be exceeded – and that's good news for President Xi Jinping, who wants his state oil companies to grow from being domestic giants to international behemoths.
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