As reported by Reuters, China National Offshore Oil Corp (CNOOC) has released a statement saying it will reduce its yearly investment by 10% to 15% in 2020, in order to increase its domestic crude oil and natural gas production for the year.
CNOOC detailed in the statement that it will cut total costs by a least 10% and reduce losses at its money-losing firms by RMB5bn ($710 million) in 2020.
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The oil major’s decision is made in response to the decline in oil prices and reduced oil demand following the Covid-19 outbreak.
