The Hong Kong-listed offshoot of China National Offshore Oil Corporation said it will reduce capex by between 26% and 35% to between 70 and 80 billion yuan ($11.19 billion to $12.78 billion).
It plans to spend 67% of the year’s outlay on development to raise production to between 475 and 495 million barrels of oil equivalent from this year’s estimated output of around 432 million boe.
