CNOOC to cut capex, not unconventional oil output

摘要

Singapore—CNOOC Ltd., the listed arm of state-owned China National Offshore Oil Corp., has set its capital budget at Yuan 70-80 billion ($11.2-$12.8 billion) this year, slashing it by up to 38% from total estimated spending in 2014, the company said Tuesday in its business review for 2015. This is the first time the listed entity, which only controls the group’s upstream operations, has reduced its capital budget in recent years.