March 25, 2020 / 10:45 AM / 12 days ago

China's CNOOC to make significant cuts in spending amid low oil prices

SINGAPORE/BEIJING, March 25 (Reuters) - Chinese offshore oil and gas specialist CNOOC Ltd said on Wednesday it will “significantly” reduce capital spending this year amid sharply lower global oil prices.

The state-backed energy company saw limited impact on its operations from the coronavirus outbreak in the first quarter and its February oil and gas production were higher than a year earlier, a top company executive told a media briefing.

The firm also said it is studying a plan to acquire the natural gas terminal assets of its parent company.

Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Jason Neely

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