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CNOOC’s 2016 plan looks to lower production for the first time in a decade
Lower oil and gas prices are forcing at least one of China’s producers to lower its production goal for 2016. In a press release Tuesday, China National Offshore Oil Corporation (CNOOC, ticker: CEO) announced that it plans to produce 5% less than in 2015, and cut capital spending by roughly 12%.

CNOOC does not represent the prognosis for every Chinese oil and gas company, but the state-owned firm is a good indication for where the industry has its sights set for this...

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