<div>UPDATE 1-China's CNOOC to slash capital spending, lower output targets in 2020</div> <!-- no image --> <div>* All-in production costs drop to $29.78 a barrel (Recasts, add context)<div class="feedflare"> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=wgGWzvt6Mww:JUzZW6B5c5I:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?d=yIl2AUoC8zA" border="0"></a> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=wgGWzvt6Mww:JUzZW6B5c5I:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?i=wgGWzvt6Mww:JUzZW6B5c5I:V_sGLiPBpWU" border="0"></a> <a href="http://feeds.reuters.com/~ff/reuters/UKBankingFinancial?a=wgGWzvt6Mww:JUzZW6B5c5I:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/reuters/UKBankingFinancial?i=wgGWzvt6Mww:JUzZW6B5c5I:F7zBnMyn0Lo" border="0"></a> </div><img src="http://feeds.feedburner.com/~r/reuters/UKBankingFinancial/~4/wgGWzvt6Mww" height="1" width="1" alt=""></div> Posted by Reuters