CNOOC vows to maintain exploration spending levels

Company also expects to hit annual targets through cost controls and increased efficiency

CNOOC Ltd, China's biggest offshore oil and gas producer, said on Tuesday that it will continue to set aside around 20 percent of its spending for oil exploration for this year, despite cuts in both expenditure and output due to falling oil prices.

The oil giant will cut its total budget to less than 60 billion yuan ($9.11 billion) this year, about 11 percent year-on-year. But the percentage for exploration will remain at around 20 percent this year, the Beijing-based company said.