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The logo of China National Offshore Oil Corp. (CNOOC) is pictured at its headquarters in Beijing on April 4, 2018.China Stringer Network/Reuters

China’s offshore oil and gas major CNOOC Ltd expects Brent crude oil prices to average $30 to $40 per barrel this year, a company executive said on Wednesday.

The state-controlled firm will produce at the lowest level in high-cost projects such as oil sands in Canada and shale gas operations in the United States.

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