China National Offshore Oil Corporation (CNOOC) said Wednesday it plans to spend up to RMB5bn in 2013 on exploration, drilling units, oilfield service vessels and other facilities. More than 82% of drilling ship operation contracts in 2013 have been confirmed.

"Exploration programs in 2013 remain intensive, and more efforts will be made in deepwater exploration," Zhong Hua, chief financial officer of CNOOC said at a news conference. The company plans to start production at 10 new offshore oilfields in Chinese waters this year, with 24 more projects under construction, Zhong said.

-- Source from Sino Ship News