Deals
Cnooc Bets on Oil Acquisitions to Drive Future Growth
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Cnooc Ltd., China’s biggest offshore oil producer, said overseas acquisitions and discoveries at home will drive the company’s future growth after record output helped more than double profit in the first six months.
“Contribution from overseas assets is expected to rise steadily,” Chairman Fu Chengyu said in yesterday’s earnings statement in Hong Kong. Apart from adding reserves in China, “merger and acquisition opportunities will also be an important driving force for the company’s medium- and long-term growth.”