Top Chinese offshore oil and gas producer CNOOC Ltd said it plans to boost spending to produce up to 2 percent more of the fuels in 2013, below a five-year average growth target, highlighting the need for the state giant to make acquisitions.The company -- which is acquiring Canadian energy firm Nexen Inc for $15.1 billion in China's largest ever overseas takeover -- has forecast 6 percent to 10 percent compound annual output growth in 2011-2015, partly by focusing on unconventional resources, like oil sands and shale gas.The low 2013 production growth target showed the company is struggling to prevent output declines at its existing fields -- many of which are ageing, analysts say."Clearly the underlying declines of the existing aging fields are so severe that they completely offset the contributions from the smaller new fields," said Gordon Kwan, Head of Energy Research at Mirae Asset Securities.
CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company. Shares of CEO remained unchanged at $209.07. In the past year, the shares have traded as low as $171.58 and as high as $234.00. On average, 80466 shares of CEO exchange hands on a given day and today's volume is recorded at 0.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY remained unchanged at $26.89. In the past year, the shares have traded as low as $14.63 and as high as $27.06. On average, 9477340 shares of NXY exchange hands on a given day and today's volume is recorded at 0.
Nexen Inc. (Nexen) is an independent global energy company. Shares of NXY fell by 0.15% or $-0.04/share to $26.94. In the past year, the shares have traded as low as $15.18 and as high as $27.25. On average, 1145770 shares of NXY.TO exchange hands on a given day and today's volume is recorded at 855820.
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