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Yang Hua, chief financial officer and executive vice president of CNOOC, said on the conference call that the company’s crude oil production in China’s first sea area fell by 3% in the first quarter of the year, mainly because of the natural decline in oil field production, and that natural oil fields are natural every year. The rate of decline is 15% to 20%. The company will actively search for new oil fields to supplement its production capacity, and it is confident that its future output will continue to increase. This manuscript is from China National Chemical Industry. He pointed out that the company's target production this year is between 162 million and 170 million barrels of oil equivalent, and it will increase to 180 million barrels of oil equivalent next year. It is believed that the new oilfield discovered in Bohai Bay will be in 2008. There will be great contributions from 2009 to 2009. The company’s first-quarter earnings decline was mainly due to the drop in oil prices. He said it is difficult to predict the trend of oil prices.
May 31, 2024