CNOOC cuts capital expenditure

Energy company plans to control annual output for three years, say officials

CNOOC Ltd, China's biggest offshore oil and gas producer, said it will control output in the next three years as well as cut capital expenditure, in a bid to counter challenges from falling crude oil prices.

CNOOC has fixed the net production target for this year at about 475 to 495 million barrels of oil equivalent (BOE), which is 10 to 15 percent up from the estimated output of 2014 (432 million BOE). Production from China and overseas accounts for approximately 67 percent and 33 percent respectively.