Cnooc to cut spending and output

HONG KONG: Cnooc Ltd, China’s biggest offshore oil and gas producer, plans to cut spending and reduce production this year amid oil’s plunge below US$30 a barrel.

The Beijing-based explorer would decrease capital expenditure of “no more than” 60 billion yuan (US$9.1bil) this year from a target of as much as 80 billion yuan for 2015, while producing 470 million to 485 million barrels of oil equivalent, it said in a statement to the Hong Kong stock exchange yesterday.