By Justine Lauin
Published: January 30 2008
CNOOC, the Chinese offshore oil and gas producer said it expected it would be immune to a global economic slowdown because of tight oil supply in China.
State-owned CNOOC lifted production forecasts and spending this year to meet the country’s hunger for oil. Output is set to rise as some projects are expected to come on stream in 2008.
Yang Hua, chief financial officer, said: “I read from newspapers that about 60 per cent of oil used in China in 2007 was produced locally. About 30 per cent to 40 per cent was imported. That’s why I am not worried about sales of our products.”