Cnooc to Raise Output, Even as Oil Plunge Spurs Spending Cut
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Cnooc Ltd. plans to increase production by as much as 15 percent this year even as crude’s plunge oil compels China’s biggest offshore oil and gas producer to cut spending.
The explorer will produce 475 million to 495 million barrels of oil equivalent in 2015, it said in a statement to the Hong Kong stock exchange today. Output last year was about 432 million barrels. The Beijing-based company expects to produce 509 million barrels of oil equivalent in 2016 and 513 million the following year.