CNOOC Ltd, China's biggest offshore oil producer, said overseas acquisitions won't be the main driver of future growth.

The company will rely on existing businesses as its growth engine while overseas asset purchases and takeovers are just one aspect of the overall strategy, Chairman Fu Chengyu said after the annual general meeting in Hong Kong yesterday.

CNOOC in 2005 failed in an $18.5 billion bid to buy Unocal Corp because of opposition by US lawmakers. The company is targeting the Caspian Sea, Africa and the Asia-Pacific region for future acquisitions, Chief Financial Officer Yang Hua said in November.