Expected investment of 4.8 billion CNOOC Ltd. issues strategic guidance for 2020
On January 14, CNOOC issued an announcement. According to the company's production and operation status in 2020, the company's board of directors issued the 2020 strategic guidelines as follows:
According to third-party data such as IHS Markit, the total capital expenditure for global oil and gas exploration and development will continue to increase in 2020. At the same time, China's domestic market will continue to increase investment in exploration and development in the next few years, increasing the certainty of oil and gas reserves and production operations. In this context, CNOOC will enter the fast track of corporate development in 2020.
Against the background of rising domestic and foreign market demand, benefiting from the company's recent technological research and development innovation, equipment structure optimization, enhanced international competitiveness, and enhanced risk management and control capabilities, the company will actively participate in accelerating exploration and development in 2020 and strive to continue to maintain a good Operating performance and further improve the quality of the company's development.
The company's equipment and technical service capabilities will also play a more important role in the recovery of domestic and foreign oilfield service industries, especially in increasing domestic reserves and production. According to the current domestic and international orders of the company, the workload of drilling services and oilfield technical services in the four major plates is expected to increase year-on-year, and the workload of ship services, geophysical prospecting and engineering survey services is generally stable.
In 2020, the overall competition in the oilfield services market is still fierce. The company will focus on cost control and strive to improve the company's profitability through systematic cost reduction measures such as strengthening safety management, institutional reform, management process optimization, and labor productivity improvement. In 2020, the company's cash flow is generally safe. The company will continue to strictly follow prudent capital investment, accelerate capital model optimization and upgrading through capital expenditures, and adhere to the development philosophy and business model changes of the asset-light technology-heavy company.
In 2020, the company's capital expenditure is expected to be about RMB 4.8 billion, which is mainly used for the construction of production bases, the upgrading of equipment and technical equipment. The company will use the new development concept as a guide to accelerate the development and innovation of green environmental protection and low-carbon technologies; enhance core competitiveness through technological industry upgrades; flexibly allocate equipment resources through various methods such as own assets, leasing, and management to grasp the market faster Changes in demand; pay attention to the dividend returns of shareholders, and actively protect the interests of investors.
The above strategic guidelines are formulated based on the company's current operating conditions and market environment. Whether the company can achieve the company's expected performance in 2020 depends mainly on market and economic conditions.
It is worth noting that CNOOC's revenue in 2018 was 21.9 billion yuan, a year-on-year increase of 25.29%; the net profit attributable to shareholders of listed companies was 70.8 million yuan, a year-on-year increase of 65.54%. Although the results for 2019 have not yet been announced, it is certain that the investment of 4.8 billion yuan in 2020 shows that CNOOC Limited is confident in the development of the market in the new year.
COSL also said that equipment and technical service capabilities will also play a more important role in the recovery of domestic and foreign oilfield service industries, especially in increasing domestic reserves and production. With the recovery trend of domestic oil services initiated by the three-barrel oil “Seven-year Action Plan”, CNOOC will continue to move closer to its peak in 2020.
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