CNOOC Cuts 2020 Output, Spending Plans

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)

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