The oil industry upstream to increase production and efficiency to meet the opportunity

On April 12, CNOOC launched subscription, which means that the largest offshore crude oil and natural gas producer in China has opened the curtain
on its return to A-shares.
A few days ago, CNOOC, which is listed in Hong Kong, just released its 2021 annual report, and its profit hit a record high
.
According to the annual report, in 2021, CNOOC achieved oil and gas sales revenue of 222.
1 billion yuan, an increase of 59.
1% year-on-year; Achieved a net profit of 70.
3 billion yuan.

Benefiting from the rise in international oil prices and increased production, Sinopec and PetroChina also made great gains
last year.

PetroChina's annual report shows that in 2021, it achieved operating income of 2.
61 trillion yuan, an increase of 35.
2% year-on-year, a record high, and achieved a net profit attributable to the shareholders of the parent company of 92.
17 billion yuan
.
Sinopec achieved operating income of 2.
74 trillion yuan last year, an increase of 30.
2% year-on-year; The net profit attributable to the shareholders of the parent company was 71.
208 billion yuan
.

It is reported that CNOOC achieved oil and gas production of 573 million barrels in the whole year, a record high
.
Sinopec achieved oil and gas production of 479.
74 million barrels in the whole year, of which domestic crude oil production was 249.
60 million barrels, unchanged year-on-year, and natural gas production was 1,199.
4 billion cubic feet, an increase of 11.
9%
year-on-year.

Analysts said that high oil prices bring opportunities to upstream businesses such as oil exploration and production, and it is a good opportunity for
upstream businesses to increase production and efficiency.
It is worth noting that in the past two years, the increase in crude oil of CNOOC accounted for about 80% of the national crude oil increase, of which the crude oil output of Bohai Oilfield in 2021 exceeded 30 million tons, becoming the largest crude oil production base
in China.

In terms of future development strategies, the three major oil companies have said that they will vigorously develop new energy business to help green and low-carbon transformation
.
Sinopec said that it will promote the further development of gas, hydrogenation and charging and replacing business, build an integrated energy service provider of "oil and gas hydrogen power service", and accelerate the construction of
carbon-neutral gas stations.

Relevant forecasts show that international oil prices will continue to run
at a high level this year.
Ma Yongsheng, chairman of Sinopec, said that there is still great uncertainty about the future trend of oil prices, and it is expected that oil prices will be around
$100 and $85 per barrel this year and next year.
In response to high oil prices, the company is actively formulating countermeasures and will seize the opportunity to increase the efficiency of crude oil and natural gas
.