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Middle East Company's Oil and Gas Business Assets Distribution has been significantly optimized
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Petroleum Network news (reporter Xieyana special correspondent Wang Hua) up to now, the crude oil production of CNPC International Middle East Company runs on the 94 million tons line. With the improvement of the scale and quality of oil and gas, the Middle East Cooperation Zone business has become the "half of the country" of the Group's overseas business.

Reserve base is strong, the remaining rights and interests recoverable reserves have been greatly increased, which strongly supports the rapid growth of production and operation in the Middle East Cooperation Zone. From 2015 to 2017, Middle East Company's equity output increased by more than 5 million tons annually, and it is expected that 94 million tons of crude oil production will be completed this year. In 2019, crude oil production will exceed 100 million tons, achieve the goal of the 13th Five-Year Plan ahead of schedule, and 15 projects will enter a benign rolling stage of development.

New project development highlights frequently, optimize the regional asset layout and structure, and effectively promote the high-quality and efficient development of oil and gas business. Over the past two years, breakthroughs have been made in the development of new projects in the Middle East. Four new projects have been signed, including Abu Dhabi onshore, Xiazakum and Una. The distribution of oil and gas assets has been significantly optimized, and cooperation with resource countries and international oil companies has deepened.

Establish a strong technical support system to improve scientific and technological innovation ability and comprehensive scientific research level. Last year, Dubai Technical Support Center was established in the Middle East, and in November this year, the Middle East Technical Support Center was established. The technical support system has been continuously improved and the support capacity has been significantly enhanced.

Good external environment provides a rare opportunity for the development of oil and gas business. Our government has vigorously promoted the "one belt and one road" initiative to support enterprises' " going out" and to expand the Middle East oil and gas business. With the renewal of bidding for some Middle East oilfield contracts expiring one after another, the current and future periods are important strategic opportunities and window periods for development, which will help to obtain better cooperation opportunities and optimize the adjustment of asset allocation.

The Middle East Company will actively implement the spirit of expanding the meeting of the Party Group for the high-quality and efficient development of the Group's overseas oil and gas business, accelerate the strategic cooperation with the Middle East resource countries in oil and gas, and take the lead in international operation, integrated development and the role of the brand image disseminator of China Petroleum. Overseas oil and gas business has made positive contributions to achieving high quality and efficient development.