The country’s largest offshore driller didn’t give a new spending range for 2020 as the plan is under review. It would provide an update to investors at a later date, the company’s management said on an earnings call on Wednesday.
BEIJING: Cnooc Ltd, one of China’s three state-owned oil giants, said it would cut capital expenditure target this year, a signal that the government’s push to boost domestic production can’t withstand the collapse in crude prices.
The country’s largest offshore driller didn’t give a new spending range for 2020 as the plan is under review. It would provide an update to investors at a later date, the company’s management said on an earnings call on Wednesday.
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