Yesterday we noted on the blog that Petronas, the parent company of Pacific NorthWest LNG is looking at some fairly serious cutbacks both on operations and capital spending.
Also announced yesterday, but not receiving quite the same amount of attention were some dispatches out of China, where CNOOC the Chinese state control oil and gas company announced it's on spending and output cuts to be put in place.
In a media release from Tuesday, CNOOC outlined its path ahead for 2016, with financial observers noting that the company would be budgeting 11 per cent less for capital expenditures than what it had estimated last year.
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| CNOOC is the lead investor of the proposed Auroral LNG project on Digby Island |
In response to the "increasingly complicated operating environment in 2016", CNOCC noted that the company will look to reduce costs and enhance efficiency"
However, CNOOC did add that the company will look to "ensure an appropriate balance between short-term returns and long-term growth"
CNOOC is one of the key investors in the proposed Aurora LNG project proposed for Digby Island, having just started with their engagement process with the North Coast when it comes to potential development at the south end of Digby.
Our items of interest on the progress of that proposed Aurora LNG terminal can be found on our archive page here.
Some of the accounts of the CNOOC financial plan moving through 2016 can be found below:
CNOOC to cut oil and gas production in 2016
CNOOC to cut spending and output
CNOOC to Cut Oil output for the First time: Dividends at Risk?
CNOOC to cut spending, production amid crude's plunge below US$30
Chinese Oil Giant Learns to Live leaner
We also offer up a glimpse at International and Northwest BC LNG headlines from our archive pages below:
International items of interest
Northwest BC items of interest
Cross posted from the North Coast Review
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