Cnooc Ltd., China’s biggest offshore oil and gas producer, plans to trim output for the first time in more than a decade as it cuts spending to cope with oil’s plunge below $30 a barrel. The Beijing-based explorer will produce 470 million to 485 million barrels of oil equivalent this year, slipping from 495 million in 2015, it said in a statement to the Hong Kong stock exchange Tuesday. That would be the first decline since at least 1999. The company said it will spend a maximum 60 billion yuan ($9.1 billion), down from last year’s 67.2 billion yuan. Total spending last year missed the company’s original target, highlighting how producers have struggled with oil’s plunge to a 12-year low. The price collapse has delayed $380 billion worth of investments on 68 major upstream projects, according to industry consultant Wood Mackenzie Ltd., and has forced suppliers from BHP Billiton […]