CNOOC to Cut Capital Expenditure to Counter Falling Oil Prices

CNOOC Limited,China’s biggest offshore oil and gas producer,said it will control output in the next three years as well as cut capital expenditure,in a bid to counter challenges from falling crude oil prices.CNOOC has fixed the net production target this year at about 475 to495 million barrels of oil equivalent(BOE),which is 10to 15 percent up from the estimated output of 2014(432million BOE).Production from China and its overseas operation account for approximately 67 percent and 33percent respectively.CNOOC limited’s net production