Cnooc Tops Sinopec as China's Second Biggest Oil Producer
- Sinopec produced 472 million barrels of oil and gas in 2015
- Cnooc's oil and gas output jumped 15% to 496 million barrels
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Oil’s plunge has reordered the pecking order among China’s biggest explorers.
China Petroleum & Chemical Corp.’s move to close some high-cost fields has caused it to slip to number three in oil and gas production as rival Cnooc Ltd. got a boost from new domestic offshore projects.