China Petrochemical News Network PetroChina recently said that as the company seeks to boost energy prices, a downturn in international profit, the company will cut capital spending this year, more than 20% and lower domestic crude oil production target this year.
Production of oil and general manager of business on Sunday (6 May) in Beijing when a media reporter, said that the oil production of 108 million tons this year the domestic intention of crude oil, a reduction of about 3.2 million tons a year earlier, or 2.9%.
He said the oil has decided to cut capital spending this year by 23%, but he did not provide specific figures. "We want to cut capital spending and production to maintain profits and maintain a positive cash flow."
PetroChina has been through cost cutting and sale of assets (including pipelines) ways to strengthen the balance sheet to cope with low oil prices.
Benchmark Brent global crude oil since June 2014 has so far peaked plummeted more than 60%. China Petroleum in January warned that energy prices plummeted, the company last year's profit could fall by 70%.
Li Jun compiled
