CNOOC Cuts 2020 Output, Spending Plans

Muyu Xu
Wednesday, April 29, 2020

CNOOC Ltd on Wednesday lowered its 2020 oil and gas production and capital spending, China's state offshore oil and gas producer said.

It cut its capital spending target by 10 billion yuan ($1.41 billion) to a range of 75-85 billion, CNOOC said.

The state oil firm lowered its oil and gas output target to 505-515 million barrels of oil equivalent from 520-530 million.

In the January-March first quarter, CNOOC produced 106.2 million barrels of crude oil, up from 98.3 million a year earlier.

Natural gas output rose 15.6% to 147.9 billion cubic feet. Its net oil and gas sales fell 6.4% to about 41.6 billion yuan, hit by record-low oil prices and tepid fuel consumption as authorities imposed stringent travel restrictions.

CNOOC said its realized crude prices fell 19% to $49.03 per barrel.

($1 = 7.0738 Chinese yuan renminbi) 

(Reporting by Muyu Xu and Chen Aizhu; editing by Jason Neely)

Categories: Energy Activity Production Asia China

Related Stories

Petrovietnam, Petronas Extend PSC for Offshore Block

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

ONGC and BP Sign Deal to Boost Production at India's Largest Offshore Oil Field

ADNOC Secures LNG Supply Deal with India's BPCL

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

CNOOC’s South China Sea Oil Field Goes On Stream

Current News

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com