CNOC oil, gas output up, capex falls

摘要

Singapore—Oil and gas output at China’s state-owned CNOOC Ltd surged close to 24% in the third quarter and the firm reduced capital expenditure by 44% in that period, the company said last week, adding that there was little scope to cut capex further. CNOOC’s oil and gas production in the quarter rose 23.8% year-on-year to 127.5 million barrels of oil equivalent, or an average 1.39 million boe/d. Its total crude and liquids output rose 27.3% year on year to 1.14 million b/d, while natural gas output was up 10% year on year to an average 1.41 Bcf/d.