Economics
Cnooc Eyes ‘Plenteous Harvest;’ Sinopec Profit Rises
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Cnooc Ltd., China’s biggest offshore oil explorer, expects to reap a “plenteous harvest” this year after stepping up acquisitions and production to gain from higher energy prices and domestic demand.
The Beijing-based company increased its full-year output estimate by 13 percent yesterday after third-quarter revenue surged 64 percent. Cnooc, which didn’t report net income for the three months, started oil and gas fields at home and said its stake in Argentina’s Bridas Corp. helped boost overseas output.