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China's Cnooc (CEO) sets a conservative crude oil and natural gas output target for 2013 -...

China's Cnooc (CEO) sets a conservative crude oil and natural gas output target for 2013 - 338M-348M boe, essentially flat Y/Y - but boosts capital expenditure by up to 52% to $12B-$14B, as it seeks to invest in more deepwater and resources projects overseas. CEO reiterates that it expects oil and gas output to rise at a 6%-10% compounded annual rate during 2011-15.
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