'No hope' oil fields spur PetroChina to cut losses and output

Hong Kong

AS oil's collapse leaves some fields with no chance to turn a profit, China's biggest producer is ready to cut its losses.

PetroChina Co sees oil and gas output falling for the first time in 17 years as it shuts high-cost fields that have "no hope" of making profits at current prices, Wang Dongjin, the company's president, said on Wednesday in Hong Kong after the company reported the lowest net income since it began trading publicly.