CNOOC Eyes 'Significant' Spending Reductions

March 25, 2020

CNOOC Logo - Image by ????? ???????? - AdobeStock
CNOOC Logo - Image by ????? ???????? - AdobeStock

Chinese offshore oil and gas specialist CNOOC Ltd said on Wednesday it will "significantly" reduce capital spending this year amid sharply lower global oil prices.

The state-backed energy company saw limited impact on its operations from the coronavirus outbreak in the first quarter and its February oil and gas production were higher than a year earlier, a top company executive told a media briefing.

The firm also said it is studying a plan to acquire the natural gas terminal assets of its parent company.

(Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Jason Neely)



Current News

Stena Drilling Drillship Secures More Work with BP

Stena Drilling Drillship Secures More Work with BP

Power from Shore: Aker Solutions to Electrify OKEA's Draugen Platform

Power from Shore: Aker Solutions to Electrify OKEA's Draugen Platform

Repsol Picks DORIS for SPS, SURF Work in Mexico

Repsol Picks DORIS for SPS, SURF Work in Mexico

South Korea’s Doosan Enerbility and Siemens Gamesa in Offshore Wind Collab

South Korea’s Doosan Enerbility and Siemens Gamesa in Offshore Wind Collab

Subscribe for OE Digital E‑News

Offshore Engineer Magazine