A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters
A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters

Chinese oil giant CNOOC slashes output and spending amid worst downturn in decades

  • State-backed CNOOC’s production and spending cuts will largely take place in shale oil projects in the US and oil sands projects in Canada
  • The company posted a 5.5 per cent first quarter revenue fall to, as a 19.3 per cent fall in the oil price more than offset a 9.7 per cent output rise

Topic |   Energy
A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters
A liquefied natural gas tanker at a port of the China National Offshore Oil Co (CNOOC) in Tianjin, China. Photo: Reuters
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