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

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

Kazakhstan Looks to Improve Oil Production Agreements Terms

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

China’s CNOOC Brings Bohai Sea Oil Field On Stream

ABS Approves Hanwha Ocean’s FPSO Design

Petronas Awards PSCs for Nine Fields and One Exploration Block off Malaysia

CNOOC Brings Bohai Sea Oil Field On Stream

Current News

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

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

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

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

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