PetroChina has reported plans to cut capital spending at China’s largest oilfield by 20 percent in 2017. In its statement the oil major claimed that, despite the decrease in drilling and engineering investment, it would aim to increase production by 10 percent at each operating well. This would maintain an output level of around 40 million tons of oil and gas through to 2019, a slight reduction from the 41 billion tons produced in 2015.

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