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CNOOC: Oil Prices Uncontrollable but Costs Manageable; Domestic Crude Output Aiming for 65-70M Tons
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CNOOC (00883.HK) Vice Chairman, CEO, and President Huang Yongzhang stated at the results briefing that the company will keep intensifying exploration and development, setting aggressive production targets, and making reasonable, precise, and efficient investments. While oil prices cannot be controlled, costs can be managed, and the company will wield its certainty to address market volatility, Huang said. Senior Vice President Yan Hongtao mentioned that the company's domestic crude oil production is now at 61 million tons, with a future target of reaching 65-70 million tons. As for natural gas production, it is also on an uptrend over the next five years. With at least two large gas fields being developed and brought into production, it is estimated that natural gas production could increase from over 30 billion cubic meters to 40 billion cubic meters. AASTOCKS Financial News Website: www.aastocks.com |
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