Chinese oil company trims spending for 2015, but expects production to move forward. (UPI/Shutterstock/num_skyman) BEIJING, Feb. 4 (UPI) — China National Offshore Oil Corp. is working to control costs in its 2015 development plan in response to falling oil prices, its financial officer said. CNOOC said in its fourth quarter report it was cutting its capital expenditure budget by around 30 percent from last year to around $12 billion, with development expenses taking the biggest hit. “In response to challenges from falling oil prices, we will control our costs and strive for the effective implementation of our capital expenditure plan in order to improve the overall performance of the company,” Chief Financial Officer Zhong Hua said in a statement Tuesday. The company in late 2014 put 33 blocks totaling 48,691 square miles on the auction block . CNOOC tried last year to reverse sagging production from mature fields. During […]