PetroChina invests heavily to develop coalbed methane

March 21, China Petroleum (601857) held a performance statement in Shanghai, the company's financial director Zhou Mingchun said, "Twelve-Five" period, the company will continue to adhere to the "resources, market, internationalization" strategy, highlighting the development of oil and gas main business, structural adjustment will be more obvious, especially in the middle of the refining business　　The company will increase the development of unconventional oil and gas resources such as coalbed methane, shale gas and oil sands.　　According to Zhou Mingchun, when the international crude oil prices in 90 U.S. dollars/barrels and below, oil prices to the company's interest conduction is positive, more than will bring negative impact on the company. The price of natural gas will still take a long time. The natural gas pipeline from Turkmenistan to China, which was developed by PetroChina last year, is officially operational, with a capacity of 4.3 billion cubic meters and 3.9 billion tonnes of sales.　　However, according to China Oil, the project introduced the natural gas loss of 0.88 yuan/cubic meters.　　Because of the diversity of natural gas sources in China, including the west-east gas transmission line, second line, Sichuan gas east, imported LNG, Central Asia gas and other gas sources, various gas source cost levels, resulting in different gas sources of gas pricing level difference is very large, straighten out the natural gas pricing mechanism is an important step in the rational use of natural gas.　　By the end of 2010, China's natural gas consumption accounted for about 3.8% of the share of energy consumption, developed countries around 23%.　　Zhou Mingchun said that the price policy of natural gas is clear, the overall direction is market-oriented, but it needs a process to take into account the scarcity of resources and sustainable development of economic and social needs. PetroChina's 2010 Annual report shows that the net profit attributable to the parent company is 139.99 billion yuan, earning 0.76 yuan per share.　　And the company's depreciation, depletion and amortization amount has reached 113.209 billion yuan, capital expenditure of 276.21 billion yuan.　　The Bank's international analysis reports that capital expenditure has increased by 16.6% over the year since 2006, and rapid growth reflects the increasing degree of ageing in oil-producing fields and the difficulty in exploring and developing new discoveries, which will weaken the company's future profitability.　　The status of unconventional oil and gas gradually highlights the 2010 annual report of PetroChina, the annual production of crude oil 858 million barrels, an increase of 1.7%, production growth for the largest in recent years, production of 62.826 billion cubic meters of natural gas, 5.2% year-on-year growth, continue to achieve rapid growth. At present, new oil and gas field resources have been discovered continuously in China, but domestic oil production is growing slowly.　　In this context, the development of unconventional hydrocarbon resources, including coalbed methane, shale gas and oil sands, has become an effective supplement to traditional oil and gas resources.　　Zhou Mingchun said that the development of unconventional oil and gas resources is the company's "Twelve-Five" very concerned about the focus, but also the next step will be to increase investment and research efforts in the field. In the area of CBM, Xu Jianmei, vice president of China Petroleum Planning and planning, said that during the "Twelve-Five" period, the exploration and development of China's petroleum coalbed methane would be speeded up to 4 billion cubic meters by 2015.Scale. The new proven reserves of the company's CBM business exceeded 100 billion cubic meters in 2010 and already formed 1.3 billion cubic meters of capacity.　　In the area of shale gas, the 2010 China Petroleum launched the Sichuan, Yunnan and other shale gas industrialization demonstration area construction work.　　It is understood that China's development of CBM has a lot of preferential policies, of which the central Government in accordance with 0.2 yuan per cubic metre of coal-bed methane mining enterprises subsidies, PetroChina has become one of the most important beneficiary enterprises. Zhou Mingchun said that China's oil overseas development process is also concerned about unconventional resources projects, attention to resources, while learning this technical experience.