The China National Offshore Oil Corp (Cnooc) decided not to go forward with a shale gas project in the Anhui province. This move comes as other international oil companies are cutting expenditures as a result of the slide in crude oil prices- Cnooc announced it would slash spending by 35% this year. Beijing had targeted domestic oil production, namely shale oil projects, in a bid to decrease foreign oil dependence and to reduce use of coal. However, Chinese shale oil projects have so far had disappointing results, in part due to geographical complexity. Furthermore, the decision by Cnooc is the latest indication that the American success with shale oil exploration may not translate to Chinese success.