From The Wall Street Journal:

After more than a decade of empire building in Canada, Africa and beyond, Chinese offshore oil-and-gas company Cnooc Ltd. is refocusing on its home front.

China’s third-largest producer of oil and gas on Thursday posted its weakest annual earnings in more than 10 years, hurt by a faltering array of overseas projects and low oil prices that show little sign of a quick recovery.

In response, Chairman Yang Hua said state-controlled Cnooc is turning its attention to China after years of heavy spending to develop a global presence and tap unconventional energy reserves, such as the tar-like oil sands of Canada.

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