China’s Cnooc on Tuesday set out plans to cut capital spending by more than 10 per cent this year and reduce oil production, as it responds to the crude price rout.
The annual forecast by Cnooc’s listed unit serves as the first indication of output and investment plans by China’s state-controlled oil producers, which also include China National Petroleum Corp and Sinopec.
The listed arm does not represent all of the output by Cnooc’s state-controlled parent company, but remains a good proxy for the position of the Chinese industry.
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