CNOOC says deepwater project not affected by oil prices

HONG KONG, March 31 (Reuters) - China's top offshore oil and gas producer, CNOOC Ltd (0883.HK), said on Tuesday its deepwater project will not be affected by current oil prices.

Oil prices are hovering around $49 a barrel and have fallen about two-thirds from their record of $147 a barrel hit last July.

CNOOC's state-owned parent said earlier this month it would invest more than 300 billion yuan ($44 billion) in China's southern Guangdong province in the next five years mainly for deepwater exploration, the China Daily reported.

It said last year that the South China investment will come from CNOOC's two Hong Kong listed arms -- CNOOC and Chinan Oilfield Services (2883.HK) (601808.SS) -- and foreign investors.