A management reshuffle and stagnant production are weighing on Chinese state-controlled oil firm CNOOC's upstream prospects. The refining and chemicals business was the main contributor to the firm's profit last year. The unit made a profit of 10.2bn yuan ($1.5bn) in 2016, far higher than the Yn637mn generated by parent company CNOOC Group's listed upstream arm. The upstream profit was the firm's lowest in at least 16 years.
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