CNOOC had planned to lift capital spending to US$13.37 billion this year, the highest level since 2014.
While the company is still discussing the scale of the cuts, its president Xu Keqiang said on Wednesday that it “will strictly control investment, costs and the number of employees.”
Xu also said, again without giving further details, that the company will lower oil and gas production targets at its overseas projects, but maintain them for domestic sites.
CNOOC had planned to raise 2020 production to 525 million boe, while capital expenditure at the company was 79.6 billion yuan in 2019.
Oil prices fell to about US$25 this week, putting pressure on producers around the world, although CNOOC cut its all-in production cost by 2% in 2019 to US$29.78 per barrel.
Earlier this week, the company reported its 2019 results, in which it said total net oil and gas production amounted to 506.5 million boe, exceeding 500 million boe for the first time.
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