CNOOC to make deep cuts in capex, targets 15% production growth

Hong Kong

TOP Chinese offshore energy producer CNOOC Ltd announced a sharper than expected cut in capital spending for this year, in the first public response by a major Chinese oil company to the turmoil in the oil market.

A 50 per cent slide in crude prices since June due to slowing global demand and growing US shale output is putting a heavy burden on oil companies around the world. The slump has wiped billions of dollars from their stock market values in recent months, and squeezed the spending of many oil majors.