CNOOC Eyes 'Significant' Spending Reductions
Chinese offshore oil and gas specialist CNOOC Ltd said on Wednesday it will "significantly" reduce capital spending this year amid sharply lower global oil prices.
The state-backed energy company saw limited impact on its operations from the coronavirus outbreak in the first quarter and its February oil and gas production were higher than a year earlier, a top company executive told a media briefing.
The firm also said it is studying a plan to acquire the natural gas terminal assets of its parent company.
(Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Jason Neely)
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