China\'s CNOOC to double proven reserves\, exploration projects by 2025

China's CNOOC to double proven reserves, exploration projects by 2025

Reuters  |  BEIJING 

(Reuters) - China's said it aims to double its exploration projects and proven in seven years, the company said on Friday via its official account.

The announcement was a direct response to Xi Jinping's call to improve the country's national security by boosting domestic production and reserves, CNOOC said in the post.

The is expected to make a record investment to boost exploration projects and reach its target, according to CNOOC's

The company is due to release details of its production target and capital expenditure at the strategic outlook meeting on Jan. 23.

"We faced adverse geological conditions as offshore More exploration projects are being moved to deep water area, but these are both risky and costly," said Xie Yuhong, head geologist, CNOOC, adding that the volatility in global added pressure on CNOOC to rein in expenses.

The reported 2.613 billion barrels of in net total reserves by 2017-end, the best level seen since 2008.

(Reporting by and Newsroom, Editing by Sherry Jacob-Phillips)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 18 2019. 10:39 IST