Singapore-China’s Sinopec is cutting production at uneconomic oil wells and planning to lift natural gas production, as it alters its production strategy to adjust to the changing market environment. The suspension of operations at more than 1,500 uneconomic wells at the Shengli oilfield is part of a broader plan to cut total crude production by around 5% from 2015 to 332 million barrels, or 45.17 million mt, this year.
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