www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

CNOOC cuts capital expenditure

By Xie Yu and Du Juan (China Daily) Updated: 2015-02-04 07:38

CNOOC cuts capital expenditure

Workers on an oil-drilling platform in the South China Sea. CNOOC has fixed the net production target for this year at about 475 to 495 million barrels of oil equivalent. [Photo/Xinhua]

Energy company plans to control annual output for three years, say officials

CNOOC Ltd, China's biggest offshore oil and gas producer, said it will control output in the next three years as well as cut capital expenditure, in a bid to counter challenges from falling crude oil prices.

CNOOC has fixed the net production target for this year at about 475 to 495 million barrels of oil equivalent (BOE), which is 10 to 15 percent up from the estimated output of 2014 (432 million BOE). Production from China and overseas accounts for approximately 67 percent and 33 percent respectively.

The net production targets for 2016 and 2017 are 509 and 513 million BOE respectively, representing 7 percent and 1 percent year-on-year growth, Zhong Hua, chief financial officer of the company, said in a news release on Tuesday.

He said the company will apply "prudent principles" for operations, which include cutting the capital expenditure budget to about 70 to 80 billion yuan ($11.2 to $12.8 billion) in 2015, a 26 to 35 percent decrease from the estimated realized capital expenditure for 2014.

Exploration, development and production account for about 21 percent, 67 percent and 10 percent of the expenditure respectively.

Li Fanrong, CEO of the company, said CNOOC will pay more attention to cash flows against the backdrop of a "macro environment of low oil prices", as well as "optimize asset portfolio and capital allocation".

But he ruled out the possibility of closing down some unconventional projects in the US and Canada, including a shale gas project, though they are incurring huge investments and not generating any profit in the initial stages.

"A short-term closure of the projects will affect the performance in future," he said.

"This industry is cyclical. And I have faith in oil prices for the middle and long term," he said.

Li Li, a research and strategy director at ICIS-C1 Energy, a consultancy in Shanghai, said the strategy of CNOOC showed its prudent expectations for oil prices in the next three years.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 日韩一区二区三区四区 | 亚洲最新| 久久综合久美利坚合众国 | 特级毛片全部免费播放a一级 | 无码孕妇孕交在线观看 | 中文字幕日本一区波多野不卡 | 伊人久久青草青青综合 | 91精品久久久久久久久久 | 欧美成人怡红院在线观看 | 黄色美女毛片 | 午夜欧美日韩在线视频播放 | 亚洲精品人成网线在线 | 日韩欧美亚洲国产 | 久草久视频 | 亚欧成人一区二区 | 日韩亚洲一区二区三区 | 国产精品欧美亚洲韩国日本不卡 | 国产激爽大片在线播放 | 美女黄网站 | 亚洲精品久久久久久久无 | 欧美一级毛片欧美一级成人毛片 | 亚洲视频在线观看地址 | 亚洲国产欧美另类 | 欠草视频 | 在线日韩中文字幕 | 性色综合| 国产微拍精品福利视频 | 国产a级三级三级三级中国 国产a级特黄的片子视频 | 日本三级一区二区三区 | fefe66免费毛片你懂的 | 大伊香蕉精品视频在线观看 | 成人18免费网站 | 欧美日韩精品一区二区视频在线观看 | 乱子伦农村xxxx视频 | 国内精品小视频福利网址 | 毛片免费视频观看 | 99久久国内精品成人免费 | 久草在线视频免费 | 久久爱www成人 | 香蕉毛片a | 欧美日韩a级片 |