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China expands offshore oil production

China National Offshore Oil (CNOOC) will invest $13 billion to secure the country’s oil and gas supply. This is according to a report by China’s largest offshore oil and gas drilling company, as reported by Bloomberg. The company has signed contracts with 12 international corporations. Four of these contracts involve the expansion of oil production off China’s coasts. Partners include companies such as Total Energies SE and Conoco Phillips. Other contracts include oil and liquefied natural gas supplies from Kuwait and the USA.

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