China National Offshore Oil Corporation (CNOOC), a major oil operator with assets around the world, is reducing its 2020 production and spending guidance in light of the unprecedented market downturn, with U.S. shale and Canada’s oil sands the main targets of its cuts. CNOOC announced on Wednesday that it would lower its planned capex and production guidance for 2020, as “proactive measures to face the challenges” of the turbulent oil market. “The global oil and gas market was facing an unprecedented situation in the first quarter of 2020 as impacted by the COVID-19 pandemic and sharp drop of international oil prices. In response to an increasingly complex external environment, CNOOC Limited took proactive measures to face the challenges and strived to mitigate the impact. For the rest of the year, we will continue to implement more stringent cost controls, and further strengthen our cash flow management,” CEO Xu Keqiang […]