Output falls 7.7% to 117.7 million barrels of oil equivalent Capital spending declined almost 21% to 11.7 billion yuan Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 15 percent fall in third-quarter sales as output declined with capital spending. Revenue from oil and natural gas was 30.75 billion yuan ($4.5 billion) in the three months ended Sept. 30, the Beijing-based company said in a statement to the Hong Kong stock exchange Wednesday. Cnooc, which doesn’t report quarterly profit, said output fell 7.7 percent. “Cnooc’s sales decline was well expected as oil prices haven’t rebounded to a level that may push the offshore producer to increase output,” Tian Miao, a Beijing-based analyst at North Square Blue Oak Ltd. “Fourth-quarter output should be similar to the third-quarter, and Cnooc may continue to pay a high dividend to please shareholders in the low-crude environment.” Brent oil, the global benchmark, […]