HONG KONG (Nikkei Markets) -- Chinese offshore energy producer CNOOC plans to look for "appropriate" merger-and-acquisition opportunities as part of its efforts to answer President Xi Jinping's call to boost the nation's energy security, Chief Executive Yuan Guangyu told reporters at a media briefing on Wednesday.
Yuan's remarks were in response to a question on whether the company aimed to bolster production in coming years to meet its recently stated objectives for 2025. The company said in a statement posted on its WeChat account last week that it aims to double its proven energy reserves by 2025, following a call by President Xi in July 2018 for domestic oil companies to work towards ensuring national energy security.
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