Chinese state oil and gas company CNOOC will boost its capital spending this year to the highest in seven years, thanks to a 5-percent increase in domestic output. Reuters reports CNOOC aims to spend $13.9-15.5 billion this year, mainly on boosting domestic oil and gas exploration and production, which last year hit 528 million barrels of oil equivalent. Most of the domestic output will come from offshore fields, CNOOC said, which will account for 68 percent of the company’s production target for this year. Output from operations overseas will contribute the rest. The planned total for this year is 545-555 million barrels of oil equivalent. Like other oil companies, CNOOC last year shrank spending and cut production of oil and gas from overseas assets, as the pandemic claimed the world. The company, like its peers, focused more of its efforts on domestic production as per Beijing’s plans as the […]