Daily News (Ye Division East) upstream CNOOC subsidiary listed company China National Offshore Oil Company Limited (CNOOC) on March 24 released the 2015 annual report. The report shows that in 2015, CNOOC oil and gas sales 146.6 billion, down 32.8%; net profit of 20.25 billion, down 66.4%. "Daily Economic News" reporter combing found that in spite of the oil price has remained at low levels last year, but CNOOC's domestic oil and gas production reached the equivalent of 3.23 million barrels, an increase of 20.2%.


And the listed company PetroChina and Sinopec different, early CNOOC has completed the spin-off between the different business segments, so CNOOC main source of sales performance after upstream exploration of crude oil and natural gas, the main reason for the profit decline in crude oil prices since last year lower.


In 2015, due to the operation of the market to maintain low growth prospects for the global economy as well as concerns about international oil excess global supply of crude oil, WTI crude oil (West Texas Intermediate oil) Average price per barrel $ 48.68, down 47.7%; Buren especially crude oil price per barrel $ 53.60, down 46.1%.


Last year, CNOOC's net oil and gas output reached 4.96 million barrels of oil equivalent, an increase of 14.6%; the average selling price of crude oil was $ 51.27 / bbl, down 46.6%. CNOOC 2015 barrel of oil costs $ 39.82, down 5.9% decline for two consecutive years.


Involvement continued low oil prices, CNOOC business strategy announced earlier this year will top 2016, the company is expected to produce 470 million - 4.85 million barrels of oil equivalent, down 2% to 5% compared to 4.95 million barrels in 2015. This is the first time since the lower production target company went public in 1999.


Earlier CNOOC also announced total 2016 capital expenditures will be less than 60 billion yuan, which is the second consecutive year the indicator, the year 2015, CNOOC's capital expenditure was 66.5 billion yuan, down 37.9%, including an exploration capital expenditure drop 36.6%. In 2014, actual capital expenditure CNOOC had reached 107 billion yuan.


CNOOC's 2015 domestic oil and gas production equivalent increase of 20.2%, reaching 3.23 million barrels; equivalent overseas oil and gas production was 1.72 million barrels, an increase of 5.4%, the proportion of overseas oil and gas production fell by about 3%.


China Energy Network CIO HAN Xiao-ping told the "Daily Economic News" reporter, said CNOOC major exploration projects are in the sea, the sea after the project, the capacity of a single large oil and gas fields, so CNOOC production capacity is mainly due to new projects commissioning.


Announcements, CNOOC started up seven new projects have been successfully put into operation in 2015, ahead of schedule, including multiple projects.