February 5, 2015

CNOOC To Cut Capital Spending By Up To 35%

Top chinese offshore oil and gas producer CNOOC Ltd said it is aiming for an up to 14.6% increase in output this year but will slash capital spending by as much as 35% in response to the plunge in oil prices.

In filing with the Hong Kong bourse, CNOOC said its capital expenditure will fall 26-35% to 70 billion to 80 billion yuan (RM40.6 billion - 46.4 billion) this year, the first such decline since 2010.

Source: Reuters