China National Offshore Oil Corp. will see a 19% increase in its offshore oil and gas production after nine new offshore fields start operating by the end of 2005, according to officials in Beijing.

CNOOC, China's largest offshore oil producer, has targeted to produce 141 - 146 MMb/d of oil equivalent this year, up 19% from an estimated 118 - 123 MMb/d produced in 2004. CNOOC also plans to increase its capital expenditure by 33% to $2.2 billion this year and maintain its investment in exploration at a level above $260 million.

The company mainly carries out exploration and production in Bohai Bay, the East China Sea, and eastern and western parts of the South China Sea.