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.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
