A vessel carrying liquefied natural gas from Qatar approaches CNOOC’s LNG terminal in Shenzhen, China. Photo: Reuters
Chinese oil giant CNOOC plans output, spending cuts to survive Saudi-Russian price war and demand slump caused by coronavirus
- The oil and gas industry faces its worst downturn in 20 years as a price war rages between Saudi Arabia and Russia and coronavirus dampens demand
- CNOOC reported a 16 per cent rise in net profit for last year, beating estimates
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Coronavirus pandemic
A vessel carrying liquefied natural gas from Qatar approaches CNOOC’s LNG terminal in Shenzhen, China. Photo: Reuters