Oil Price Slump Spurs CNPC to Focus on Natural Gas and Cut Costs
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Stung by the slump in crude oil prices, China National Petroleum Corp., the nation’s biggest energy producer, said it will speed up natural gas exploration in 2015 and take “revolutionary measures” to cut costs.
CNPC also signaled its caution on the outlook for crude by pledging to focus on domestic oil and gas fields over foreign projects, according to comments from Chairman Zhou Jiping posted to the state-owned company’s website today.