PetroChina will slightly reduce crude oil production by 4% this year

Based on the prediction of lower oil prices and the reduction of high mining costs, China National Petroleum plans to reduce crude oil production this year by about 4%. This is the news that the "First Financial Daily" reporter has obtained from various sources.
According to the data obtained by the reporter, China Petroleum’s crude oil production this year will fall from 8.707 million barrels (about 122 million tons) in 2008 to 832.8 million barrels (about 117.2 million tons), a slight decrease of 4.35% from the same period last year. Crude oil processing volume will also decline by about 1%, about 839 million barrels.
Zhou Jiping, president of CNPC, stated that in 2009, the company’s implementation of the crude oil business was “guaranteed production (40 million tons) in Baoding Daqing Oilfield, and increased production (up to 30 million tons) in Baochang Oilfield”.
China Petroleum's slight downward adjustment of crude oil production may seem to have the following factors in the industry: The average operating cost of oil and gas is continuously rising, which will increase the burden on enterprises.
The so-called "oil and gas operating costs" refers to the costs incurred in addition to the amortization of fixed assets such as depreciation, such as energy consumption and personnel costs.
In 2008, the operating cost of CNPC was US$9.48/barrel, which was a 22% increase from 2007. According to the forecast of Galaxy Securities researcher Li Guohong, the company's oil and gas operating costs have risen to US$14/barrel.
"In addition to the increase in "operating costs", some areas with poor technical conditions will invest heavily in technology, and the cost of mining will be higher. Some oil field blocks are already in secondary or tertiary recovery, and the cost of extracting one ton of oil may exceed the price of crude oil. Guo Bo Securities researcher Liu Bo said that if the mining cost reaches 45 US dollars / barrel, it is better to buy overseas crude oil directly.
Another reason for the reduction in production may be that the output of other new oil fields is immature and cannot form a succession effect.
Although PetroChina discovered the 1 billion-tonne oilfield in the Qiandongbao Oilfield in May 2007, it is still in the exploration and drilling stage and it has not actually reached production. "It takes 3 to 10 years for reserves to be discovered and put into operation," said Liu Chuanjun, an analyst at CBI.com.
Unlike China's oil strategy, this year's crude oil output from Sinopec will continue to increase. In 2009, Sinopec plans to produce 42.4 million tons of crude oil, a slight increase of 1.4% from 41.8 million tons in 2008, which means an increase of 600,000 tons of production.
Comparing these two companies, it is easier for Sinopec to increase production. Guo Bo Securities researcher Liu Bo said: "Some petrochemical blocks have lower costs and there is potential for increasing production."
For example, Tahe Oilfield in Sinopec Xinjiang region, this year's development goal is to produce 6.59 million tons of oil, last year's output was 6 million tons, an increase of 9.8%. Therefore, Sinopec should achieve the goal of increasing production by 600,000 tons. Even if other fields don't increase production, they can achieve it through an oil field in Tahe.

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