China National Offshore Oil Corp. cut its production and capital expenditure targets by 2.9% and 11.1%, respectively, for 2020 from the original plan amid low oil prices, with the reduction mainly falling on overseas projects, a company executive said late Wednesday during the company’s 2020 first quarter results call. Receive daily email alerts, subscriber notes & personalize your experience. Register Now With the adjustment, its oil and gas output target is at 505-515 million boe or 1.39 million boe/d, compared with the original planned 1.43 million boe/d. It’s lower than actual output of 1.45 million boe/day in Q1 and compares with production of 1.39 million boe/d in 2019. The capex target was adjusted to Yuan 75-85 billion ($11.31 billion), down from actual spending of Yuan 79.6 billion […]