1. LINE

      Text:AAAPrint
      Economy

      Sinopec to close four oilfields in Shandong

      1
      2016-02-18 08:49China Daily Editor: Feng Shuang
      Workers check facilities at the Shengli Oilfield near Dongying, Shandong province. The oil producer is to shut down four oilfields to reduce costs amid plummeting oil prices. (HU QINGMING / FOR CHINA DAILY)

      Workers check facilities at the Shengli Oilfield near Dongying, Shandong province. The oil producer is to shut down four oilfields to reduce costs amid plummeting oil prices. (HU QINGMING / FOR CHINA DAILY)

      Closures are first in production base in more than five decades

      China's second-largest oil major will shut down four oilfields in the country's eastern Shandong province to stay afloat amid plummeting oil prices.

      China Petroleum & Chemical Corp, also known as Sinopec, will close the four oilfields in the Shengli oilfield, the nation's second-largest oilfield, later this year, company sources said. It will be the first shutdown after the first barrel of oil was pumped from the Shengli oilfield more than five decades ago.

      The four oilfields are the least profitable projects in the area, sources said.

      The closures signify a dramatic fall for the company. The Shengli oilfield, once one of the most profitable oil companies in China, reported about 9.2 billion yuan ($1.4 billion) in losses last year as global oil prices have fallen sharply over the past year.

      Since June, global oil prices have fallen by more than half, with Brent crude oil currently below $30 a barrel for the first time since May 2009.

      Experts said the sharp fall in global oil prices have led to revenue shortfalls for many energy majors in the world.

      The Daqing oilfield, the largest oilfield explored by China's major oil and gas producer China National Petroleum Corp, reduced crude oil production in 2015 for the first time in seven years.

      It produced about 38.4 million metric tons of oil last year, about 1.5 million tons lower than in 2014. Located in Northeast China's Heilongjiang province, the oilfield will further cut its production to 32 million tons by 2020.

      According to official data, the average cost of oil production in China is roughly $40 a barrel. Experts said many oil producers failed to reach a profit when oil prices dropped under $30 a barrel.

      "Many oil producers are facing the same kind of problem when crude prices fall," said Gao Jian, a crude oil analyst at Shandong-based consultant SCI International.

      "It is normally the last straw when oil producers shut down oilfields because after the shutdown, if they wanted to reopen them, they could stand to lose millions of dollars per day," he said.

      He said more rigs could begin to see a fall in production this year.

        

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: 成年女性特黄午夜视频免费看| 国产成人精品123区免费视频| 30岁的女人韩剧免费观看| 亚洲国产人成精品| 91福利免费视频| 超pen个人视频国产免费观看| 亚洲国产福利精品一区二区| 日韩免费高清大片在线| 女人18毛片特级一级免费视频| 亚洲伦理一二三四| 免费观看黄网站在线播放| 亚洲精品美女久久久久99| 国产精品一区二区三区免费 | 亚洲情a成黄在线观看| 精品国产日韩亚洲一区91| 四虎国产精品免费视| 亚洲蜜芽在线精品一区| 美女羞羞喷液视频免费| 永久免费视频网站在线观看| 亚洲欧洲自拍拍偷综合| 毛色毛片免费观看| 免费大片av手机看片| 国产福利电影一区二区三区,亚洲国模精品一区 | 午夜男人一级毛片免费| 国产成人综合亚洲一区| 2021免费日韩视频网| 亚洲色欲色欲www在线丝| 亚洲人成网站18禁止| 曰皮全部过程视频免费国产30分钟| 色噜噜噜噜亚洲第一| 亚洲一本大道无码av天堂| 国产色爽免费无码视频| 亚洲成人高清在线观看| a级片免费在线播放| 亚洲黄色三级网站| 全免费a级毛片免费看不卡| 国产日韩精品无码区免费专区国产| 在线播放免费播放av片| yellow视频免费在线观看| 免费中文字幕在线| 国产精品免费大片|