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Iraq's August oil exports fell below OPEC target

ForeignnewsagencynewsonAugust27th,shippingdataandindustrynewsshowthatIraq’scrudeoilexportshavedecreasedsofarinAugust,indicatingthattheOrganizationofPetroleumExportingCountries(OPEC)’ssecondlargestoilproducerisfulfillingtheOPEC-ledagreementtocutmoresuppliesPromiseof.　　　　Petro-LogisticstrackingtankertransportationdatashowsthatasofAugust25,exportsfromsouthernIraqhavefallento2.63millionbarrelsperday.　　　　Thisisadecreaseof40,000barrelsperdaycomparedtothe2.67millionbarrelsperdayofficiallyannouncedinJuly.　　　　Asdemandbegantorecoverfromthenewcrownviruscrisis,OPECanditsallies(OPEC)cancelledarecordproductioncutplanfromAugust1.　　　　Afternotfullycomplyingwiththeagreementtoreduceproductioninthepreviousfewmonths,Iraqcontinuestocutproduction.　　　　Petro-LogisticsCEODanielGerbersaid:"Iraqisexpectedtoachievethemostcompliantmonthlylevelthisyear."　　　　"However,thecountrystillneedstotakealotofadditionalproductioncutstomakeupfortheoversupplyinthepreviousmonths."　　IraqstatedonAugust7thatitwouldreduceproductionby400,000barrelsperdayinAugustandSeptembertomakeupfortheoverproductioninthepreviousthreemonths.　　　　InpreviousOPECagreements,IraqwassometimesthememberofOPECwiththelowestcompliance.　　　　ThesouthisthemainexporterofIraq’scrudeoil.Accordingtotankerdataandindustrynews,oilexportsfromthenorthofthecountryfellslightlytoabout400,000barrelsperdayinAugust.　　　　Overall,accordingtotheaverageofallestimatessofar,Iraq’soilexportshavefallenby80,000barrelsperdayasofAugust25.　　AninvestigationfoundthatinJuly,Iraqhadcompleteda73%reductioninproduction.Accordingtocalculations,duetothegradualdecreaseintrade,theimplementationrateofIraq’sAugustproductioncuthasrisento106%.
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28
2020-08

PetroChina's production and operation run smoothly in the first half of 2020

Time of issue: : 2020-08--28
OnAugust27,2020,ChinaNationalPetroleumCorporation[hereinafterreferredtoasthe"Company",(HongKongStockExchangestockcode:0857;NewYorkStockExchangedepositarystockcode:PTR;ShanghaiStockExchangestockcode:601857)]announcedInthefirsthalfof2020,inthefaceofthesevereshrinkingdemandforoilandgasandchemicalproductscausedbythenewcrownpneumoniaepidemic,andthesharpdropininternationaloilprices,thecompanycoordinatedandpromotedepidemicpreventionandcontrol,resumptionofproduction,productionandoperation,andreformanddevelopment.Vigorouslypromotetheimprovementofqualityandefficiency,strictlycontrolcostsandcapitalexpenditures,andstrivetoreducethelossescausedbytheepidemicandlowoilprices,andmaintaintheoverallsmoothoperationoftheoilandgasindustrychain.InterimperformancereviewFullypromotetheimprovementofqualityandefficiency,andtheoverallfinancialsituationisstable.AccordingtoInternationalFinancialReportingStandards,inthefirsthalfof2020,thecompanyachievedoperatingincomeof929.045billionyuan(RMB,thesamebelow),ayear-on-yeardecreaseof22.3%;anetlossattributabletoshareholdersoftheparentcompanywas29.983billionyuan,ofwhichthesecondquarterlosswascomparedtothefirstquarter.Thebusinesstrendissteadilyimproving.Theexplorationandproductionsegmentachievedanoperatingprofitof10.351billionyuan;therefiningandchemicalsegmentachievedanoperatinglossof10.54billionyuan,ofwhichtherefiningbusinesslost13.644billionyuan,andthechemicalbusinessachievedanoperatingprofitof3.104billionyuan;thesalessegmentachievedanoperatinglossof12.892billionyuan;thenaturalgasandpipelinesegmentRealizedoperatingprofitof14.372billionyuan.Thecompanystrictlycontrolsexpensesandcapitalexpenditures,anditsfinancialstatusisgenerallystable.Inthefirsthalfof2020,capitalexpenditureswere74.761billionyuan,ayear-on-yeardecreaseof11.0%.Capitalexpendituresforthewholeyearof2020areexpectedtobe228.50billionyuan,adecreaseof23.0%from2019's296.776billionyuan.Theboardofdirectorstookoverallconsiderationofoperatingperformance,financialstatus,cashflow,expectedincomefrompipelinereorganizationandotherfactors,anddecidedtodistributeaninterimdividendof0.08742yuanpersharefor2020,withatotaldividendof16.00billionyuaninreturnforshareholders.Highlightthescale-efficientexplorationandeffectivelycontrolthecost.Thecompanycontinuestostrengthenthethree-in-onemanagementofinvestment,reservesandcosts,strivestocontrolandreduceinvestment,strictlycontroloperatingcosts,andincreasereservesthroughefficiency.Inthefirsthalfoftheyear,thecompanyoptimizeditsexplorationdeployment,andmadeimportantdiscoveriesandprogressindomesticriskexplorationandconcentratedexploration.TheTarimManshen1wellobtainedhigh-yieldoilandgasflow,achievingamajorbreakthroughinultra-deepoilandgasexplorationinthecentralbasin;SichuanPengtan1,Tarimroundexploration1,AbatchofriskexplorationwellssuchasShatan2inJunggarhaveachievednewbreakthroughsandopenedupnewareasofoilandgasexploration.Theoverseasoilandgasbusinessmadesteadyprogress,andtheriskexplorationoftheChadprojectandtherollingexplorationoftheKazakhstanPKprojectmadenewbreakthroughsandnewprogress.Atthesametime,continuetodoagoodjobinthemanagementofexistingprojectsintheMiddleEast,CentralAsia,America,Asia-Pacificandothercooperationzonestoensurehigh-qualityandefficientdevelopment.Inthefirsthalfoftheyear,thecompanyachieved475millionbarrelsofcrudeoilproduction,ayear-on-yearincreaseof5.2%;marketablenaturalgasproductionwas2.15trillioncubicfeet,ayear-on-yearincreaseof9.4%;andoilandgasequivalentproductionwas834millionbarrels,ayear-on-yearincreaseof7.0%.Thecompanycontinuedtostrengthenitscostcontrol.OilandgasoperatingcostsinthefirsthalfoftheyearwereUS$9.64perbarrel,ayear-on-yeardecreaseof14.0%.Resolutelyimplementoilreductionandincrease,andstrivetoincreaseproductionofhigh-efficiencyproducts.Thecompany’srefiningandchemicalbusinessactivelyrespondedtotheunfavorablesituationofdecliningmarketdemandandreducedequipmentload,optimizingproductionandoperation,market-oriented,optimizingtheallocationofcrudeoilresources,timelyadjustingtheprocessingload,andvigorouslyreducingandincreasingoil;continuouslyoptimizingproductstructureandflexibilityAdjustthediesel-gasratio,strivetoincreasetheproductionofhigh-efficiencyproducts,andincreasethedirectsalesrateofchemicalproducts;orderlypromotetheconstructionofkeyprojectssuchastheintegrationofGuangdongpetrochemicalrefining,TarimandChangqingethanetoethylene.Inthefirsthalfof2020,thecompanyprocessed568millionbarrelsofcrudeoil,down4.9%year-on-year;produced52.085milliontonsofrefinedoil,down8.2%year-on-year.Theoutputofchemicalproductswas13.847milliontons,anincreaseof9.5%year-on-year;theoutputofethyleneincreasedby4.0%year-on-year;theoutputofsyntheticresinandsyntheticrubberincreasedby3.7%and4.7%respectively.Makeeveryefforttostrengthenfinemarketingandimprovethevaluechainefficiency.Thecompanyactivelyrespondedtotheseveresituationofshrinkingconsumptionintherefinedoilmarketandhighinventories,madeeveryefforttostrengthentheconnectionbetweenproductionandsales,activelyseizedthefavorableopportunitiesforresumptionofproductionandspringplou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28
2020-08

PetroChina: The average price of Brent crude oil is expected to be US$41-43/barrel in 2020

Time of issue: : 2020-08--28
PetroChina:Inthesecondhalfoftheyear,theinternationalcrudeoilmarketisexpectedtostillhaveexcessdemand,andthereboundinoilpricesisstillfacinggreatuncertainty.　　PetroChina:TheaveragepriceofBrentcrudeoilin2020isexpectedtobe41-43USdollars/barrel.
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Time of issue:2019-12-04 00:00:00

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