Fu Chengyu
Fu Chengyu
Fu Chengyuis the Chairman of China Petroleum and Chemical Corp, the largest Asian refiner. He previously worked at the China National Offshore Oil Corporation, which foresaw a five-fold increase in its profits during his presence...
company enhanced net reserves
The company has considerably enhanced its production, reserves and net profit.
bound together
We are bound together with most of the oilmen in this room.
beyond oil prices production remain supply sure
Fluctuations in international oil prices are beyond China's control. We can only make sure the supply and production remain stable.
chosen good later market opportunity
We can see from the later market performances that CNOOC has chosen a very good opportunity to withdraw,
company contain costs growth high hope oil price production second stay
We hope (the) oil price will stay as high as today. The company will keep the production growth and contain costs (in the second half).
access drilling fast moving potential
We're moving very fast on drilling projects, to access the potential reserves.
fully implement retail strategy
We will fully implement our strategy in the retail market.
capital confident growth lead operations reserves solid stronger sufficient tight
We are confident that tight and well-scheduled operations with sufficient capital expenditure will lead to more solid growth in reserves and production, securing stronger long-term growth for the company.
active china exploring offshore overseas
CNOOC will become more active in exploring offshore China and overseas in 2006.
china growth line offshore output percent
Offshore China output is in line with 19 percent full-year growth target.
chinese government learning people
The Chinese people and government are learning from the U.S.,
capital cash company decided few future growing high next phase reach require reserve
The company will reach a fast- growing phase over the next few years, which will require high capital investments, so we decided to reserve cash for future development.