CNPC led the four petroleum companies to cut oil production

The impact of low oil price on the upstream petroleum companies expanded gradually. CNPC announced to follow the route of CNOOC and Yanchang Petroleum and cut the investment and oil production.

Recently, as the general manager of Production and Management Department of CNPC, Su Jun said they will cut oil production and capital cost in 2016 in the face of low oil price. What’s more, oil production and capital cost would be cut further to maintain profit and positive cash flow as the oil price decreased continually.

The company declared that capital cost would be cut by 23% in 2016 without providing the specific data. In addition, oil production target of the company in 2016 was 108 million tons, decreasing by 2.9% with 3.2 million tons compared with that of last year. In 2016, the company planned to process crude oil of 150 million tons, produce refined oil of 107 million tons and sell refined oil of 115 million tons.
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