OREANDA-NEWS.  February 12, 2014. CNOOC Ltd, China's dominant offshore oil and gas producer, aims to raise output by up to 5.6 percent this year as it plans to bring up to 10 new projects on stream.

Net oil and gas production may reach 422 million to 435 million barrels of oil equivalent, including 69 million barrels from Nexen Inc, the Canadian unit it acquired last year, according to a statement to the Hong Kong stock exchange.

Net output in 2013 was likely to be around 412 million barrels, including 61 million barrels from Nexen, it said.

The company expects 7 to 10 new projects to start this year and incur a total capital expenditure of up to 120 billion yuan (US\\$19.8 billion) to support growth in production and reserves, CNOOC said, without giving a capex figure for 2013.

Chief Executive Li Fanrong said CNOOC will maintain its output target of 6-10 percent compound annual growth rate from 2011 to 2015.