Cnooc Aims for Highest Spending in Four Years as Oil Recovers

Cnooc Ltd. plans to raise capital spending to the highest since 2014 and revised upward its oil and gas output targets as China’s biggest offshore producer recovers from crude’s crash. The Beijing-based explorer sees capital expenditures at 70 billion to 80 billion yuan ($11.1 billion to $12.7 billion) for 2018, it said in a statement to the Hong Kong stock exchange Thursday. It also raised its production estimate to between 470 million and 480 million barrels of oil equivalent, poised for the the first increase in three years.