Sinopec's exploration and production business posts a 6% fall in operating revenue in 2014 to $36.64 billion despite production rising 8.44% to 480.22 million barrels of oil equivalent.
Operating revenue of China Petroleum & Chemical Corp.'s (Sinopec) exploration and production business fell to $36.64 billion (CNY 227.6 billion) last year, down 6 percent from the previous year, while its operating profit declined 14.1 percent in the same period to $7.58 billion (CNY 47.1 billion), according to the firm's 2014 financial results released Sunday.
Sinopec's petroleum production rose 8.44 percent in 2014 to 480.22 million barrels of oil equivalent (MMboe), with crude oil production increasing 8.48 percent to 360.73 MMboe.
Domestic production was a mere 0.01 percent higher at 310.87 MMboe, while supplies from its overseas holdings jumped 129.77 percent to 49.86 MMboe. Sinopec also recorded an 8.51 percent increase in natural gas production to 716.35 billion cubic feet (Bcf).
“Under the severe market conditions of 2014, Sinopec focused on growth quality and efficiency, achieving safe and stable production. We effectively controlled the cost of each segment and maintained favorable growth momentum through adjustment and improvement in our business and product structure," Fu Chengyu, chairman of Sinopec said in a press release.
In 2014, Sinopec made some commercial hydrocarbon discoveries, which included the addition of 3.769 trillion cubic feet or 106.75 billion cubic meters of proven reserves to the Fuling shale gas project in Chongqing, central China -- the country's first large scale shale gas field. Proven oil and gas reserves totaling 431 million barrels were added to the Chinese firm resource holdings.
As of Dec. 31, 2014, Sinopec has proved reserves of 3,048 million barrels. These comprised proved developed reserves of 2,782 million barrels and proved undeveloped reserves of 266 million barrels.
For 2015, Sinopec plans to focus its exploration efforts on making commercial discoveries by exploiting reserve potential in frontier areas and other key promising regions.
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