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Sinopec Touts Discoveries in 2015; Lowers Production to 471.9 MMBOE
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China Petroleum & Chemical Corporation (Sinopec) announced its annual results for the twelve months ended 31 December 2015.
Key Points: In exploration, we actively carried forward high-efficiency exploration activities, making a number of new discoveries in Beibu Gulf of the South China Sea, the Sichuan Basin, the Ordos Basin, and the Central Tahe Basin. In 2015, our production dropped by 1.7% to 471.91 million barrels of oil equivalent Business HighlightsIn 2015, the global economic recovery remained weak, and Chinese economy maintained steady growth with GDP up by 6.9%. International oil prices were under downward pressure while fluctuating to new lows. Growth of oil products demand slowed, yet demand for chemicals was stable. Meanwhile, domestic environmental requirements became…
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