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[BEIJING] CNOOC Ltd, China's biggest offshore oil and gas producer, plans to cut spending and reduce production this year amid oil's plunge below US$30 a barrel.
The Beijing-based explorer will decrease capital expenditure to as little as 60 billion yuan (S$13.09 billion) this year from a target of as much as 80 billion yuan for 2015, while producing 470 million to 485 million barrels of oil equivalent, it said in a statement to the Hong Kong stock exchange Tuesday. CNOOC produced an estimated 495 million barrels of oil equivalent last year.