China Petroleum (601857.SH): The scale of the company's new reserves in 2024 is expected to be higher than the level of 2023

Gelonghui Finance ·  May 20 17:21

Gelonghui, May 20 | CNPC (601857.SH) said on an interactive platform that the company has disclosed in its 2023 annual report that “the Group's oil and gas operating costs per unit in 2023 were 11.95 US dollars/barrel, down 3.8% from 12.42 US dollars/barrel in the same period last year.” The oil and gas exploration and development business is the foundation of the company's survival, the foundation of development, and the source of benefits. In recent years, oil and gas exploration and development have achieved remarkable results. In 2023, the company highlighted economic recoverable reserves and promoted efficient exploration. It achieved 6 major breakthroughs and 11 important discoveries in key basins such as Ordos, Tarim, Sichuan, and Bohai Bay, adding proven economic reserves of 96 million tons of oil and 294.4 billion cubic meters of natural gas throughout the year. In the future, with technological progress, the company will continue to adhere to efficient exploration and efficiency development, continuously discover and evaluate potential targets, continue to strengthen risk exploration, strengthen comprehensive geological evaluation and target demonstration, and strive to find strategic discoveries and breakthroughs; focus on centralized exploration in large-scale storage areas such as Ordos, Sichuan, Tarim, and Junggar to improve exploration efficiency and efficiency; focus on stabilizing production in old oil and gas fields and efficient construction in new regions to achieve economies of scale. With oil prices remaining relatively stable, it is expected that the scale of the company's new reserves in 2024 will be higher than the level of 2023.

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