CNOOC to cut output as oil prices fall
Print Edition
Chinese energy giant CNOOC has cut its targeted output for 2016, the first in over a decade, as fears grow over the health of the Chinese economy and plunging oil prices.
China鈥檚 economy grew 6.9 percent last year, its slowest pace in a quarter of a century, while world oil prices are at their lowest for over 12 years.
CNOOC, China鈥檚 largest offshore oil and gas producer, said it targeted production of 470 million to 485 million barrels of oil equivalent, a drop from 495 million barrels in 2015.
It would be the first decline since 1999.
鈥淐NOOC is one of the first of the world鈥檚 majors to explicitly say it will cut production,鈥 Michael Barron, director of global energy at risk consultants Eurasia Group, told Bloomberg News. 鈥淭he other big companies have all slashed spending, and it鈥檚 implicit that production will fall at some point in the future.鈥
The energy giant acquired Canada鈥檚 Nexen energy company in 2013 for US$15.1 billion. CNOOC said Nexen was the focus of its overseas development.
US crude prices extended losses yesterday, heading toward US$27 a barrel, as the International Energy Agency warned that the oil market could 鈥渄rown in oversupply.鈥
The International Monetary Fund said the collapse in the oil price was dragging down the global economy.
Royal Dutch Shell yesterday said it expects a sharp decline in full-year net profit.
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