CNOOC Limited sees capital spending of $50M in Indonesia

China?s CNOOC Limited said on Friday that it would spend between US$40 million to 50 million in capital expenditure for its newly acquired Indonesian unit in 2002.

The company said 90 percent of capital spending allocated on Indonesia would be for development projects.

Mark Qiu, CNOOC Limited Chief Financial Officer and Senior Vice President said that in 2002, CNOOC?s Indonesian focus would be to ?improve upon historical averages? of lifting cost.

CNOOC on Friday announced that it had reached agreement to acquire Indonesian assets of Spanish-Argentinean oil firm Repsol-YPF for US$ 585 million, making the company the largest offshore oil producer in Indonesia.

The assets to be acquired include an aggregate 65.34 percent interest in the Southeast Sumatra PSC, an aggregate 36.72 percent interest in the Offshore Northwest Java PSC, a 25.00 percent interest in the West Madura PSC, a 50.00 percent interest in the Poleng TAC and a 16.70 percent interest in the Blora PSC.(alex)