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March 1, 2018

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Chinese oil executives stay upbeat

MORE than two thirds of Chinese oil and gas executives expect profit growth in the industry this year, bolstered by efficient cost management although crude prices remain low, according to DNV GL, a Norway-based maritime and energy consultancy.

Around 67 percent of executives in China are confident about the industry’s growth, above the global average of 63 percent and up from 23 percent a year ago, DNV GL’s survey covering 813 respondents worldwide showed.

“That’s not because they expect crude prices to surge, but because they are confident of making profit under low crude prices amid cost cuts,” Wu Yi, DNV GL’s oil and gas regional business development manager for China, South Korea and Japan, said yesterday.

Global energy giants cut 35 percent of running costs on average in 2015 after crude prices started to fall in late 2014, followed by another 25-percent cut in 2016, Wu said, adding that Chinese firms also achieved that “mainly by saving exploration costs.”


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