CNOOC Eyes 'Significant' Spending Reductions

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

Gibdock Wraps Up Refurbishment of TechnipFMC's Deepwater Pipelayer

Gibdock Wraps Up Refurbishment

Portuguese Firm Bags $280M for Maintenance Work on Petrobras' Platforms

Portuguese Firm Bags $280M for

Galp Targets 40% Oil Production Boost in Brazil with New Field

Galp Targets 40% Oil Productio

Eni Starts Talks with GIP for Carbon Capture Unit Stake Sale

Eni Starts Talks with GIP for

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine