Energy

China plans $44b offshore oil expansion

(Agencies)
Updated: 2010-09-02 11:15

China plans to spend 250 billion to 300 billion yuan on offshore drilling equipment under its new five-year development plan (2011-2015), the China Securities Journal reported on Thursday, citing Jin Xiaojian, general manager at CNOOC's engineering department.

The investment aims to boost offshore oil production capacity by 50 million tons by 2015 , the report said.