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Nota Destacada

PetroChina bets on internationalism

PetroChina Company Limited stated that it will bet on internationalism in 2020, a year in which oil prices will remain at historically low levels.

PetroChina is the largest oil and gas producer and seller occupying a leading position in the oil and gas industry in China; one of the largest companies in China in terms of income, and one of the largest oil companies in the world.

Mainly, the company is dedicated to the exploration, development, production and sale of crude oil and natural gas; the refining of crude oil and petroleum products; the production and sale of basic and derived chemicals and other chemicals; the marketing of refined products; the transmission of natural gas, crude oil and refined products, and the sale of natural gas.

“In 2020, the global economy is still at risk of moving downhill due, among other things, to geopolitical stress, the uncertainty of international trade, climate change and the spread of the 2019 coronavirus disease (COVID-19) in various countries around the world,” said Dai Houliang, president of the company.

PetroChina and quotes

On Tuesday, Brent futures for June delivery fell 6.24, or 24%, to $ 19.33 a barrel, while West Texas Intermediate (WTI) crude for June fell $ 8.86, or 43%, to $ 11.57.

«As supply and demand in the world oil market decreases, the international price of oil will remain in the lowest range (…), China is expected to be significantly affected by COVID-19 in its economic operation, but the basic trend of constant improvement and long-term improvement will not change,» added Dai.

Key financial dataPetroChina.

PetroChina will insist on its strategy of resources, market, internationalism and innovation, representing the new concept of development, promoting development based on quality, trying to reform and innovating in key areas.

Regarding exploration and production, PetroChina said it will optimize exploration and production deployment, further consolidating the resource base.

It will also continue to increase risk exploration, focusing on target areas such as old carbonate rocks, deep and ultra-deep reservoirs, unconventional and new target areas.

 

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