CNOOC to cut spending by 30% in 2015

China National Offshore Oil Corp (CNOOC), the country's largest offshore oil and gas producer, plans to cut its capital expenditure by about 30 percent in 2015 due to low oil prices.

CNOOC is to keep its capital spending in 2015 between 70 billion yuan (about 11.2 billion U.S. dollars) and 80 billion yuan, down 26 percent to 35 percent from 2014, the company said in its operational strategy and development plan for 2015 on Tuesday.

The company also set its oil and gas output target for 2015, at 475 million to 495 million barrels of oil equivalent, in which overseas production will account for 33 percent.

In 2014, oil and gas output of CNOOC stood at 432 million barrels of oil equivalent.

CNOOC aims to further increase its output to 509 million barrels of oil equivalent in 2016 and 513 million in 2017, according to the plan.

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