26 Aug '16, 9pm

China’s Oil Majors Are Burning Through Oil Reserves: China’s state-owned oil companies have been be... https://t.co/qivHR84xAV

The Chinese oil companies offered up some small achievements, however. Cnooc said that it has achieved cost reductions on the order of 15 percent. It also took the ax to capital expenditures, reducing spending by 33 percent. But it still intends to produce as much as possible, which as The Wall Street Journal reports, presents a longer-term problem for the state-owned company. Cnooc is extracting its oil reserves at a worrying pace. The WSJ says that its reserves in China – some of its most lucrative – can only last for three years at current production rates. Cnooc also has an overall reserve life of only 8.4 years, one of the lowest relative to its international peers.

Full article: http://peakoil.com/production/chinas-oil-majors-are-burni...

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