中海油宣佈減產並縮減資本支出
China’s Cnooc on Tuesday set out plans to cut capital spending by more than 10 per cent this year and reduce oil production, as it responds to the crude price rout.
中海油(Cnooc)週二宣佈今年削減10%以上的資本支出並減少石油產量，以此迴應原油價格暴跌。
The annual forecast by Cnooc’s listed unit serves as the first indication of output and investment plans by China’s state-controlled oil producers, which also include China National Petroleum Corp and Sinopec.
中海油上市子公司的年度預測是反映中國國有控股石油公司產量和投資計劃的首個風向標，這些公司還包括中國石油天然氣集團公司(CNPC)和中石化(Sinopec)。
The listed arm does not represent all of the output by Cnooc’s state-controlled parent company, but remains a good proxy for the position of the Chinese industry.
上市子公司並不代表中海油國有控股母公司的所有產出，但仍是中國石油業當下處境的較好寫照。
Brent crude was trading at $29 per barrel on Tuesday, having fallen to a 12-year low on Monday, and Li Fanrong, Cnooc’s chief executive, said that oil prices of below $30 made operations “very difficult”.
布倫特(Brent)原油價格在週一跌至12年低點後，週二爲29美元/桶。中海油首席執行官李凡榮表示，不到30美元/桶的油價使經營“非常困難”。
Cnooc said it plans to cut capital spending to “no more than” Rmb60bn ($9.1bn) this year, from Rmb67.5bn in 2015.
中海油表示，計劃將今年的資本支出從2015年的675億元人民幣縮減至“不超過”600億元人民幣（合91億美元）。
It intends to produce between 470m and 485m barrels of oil equivalent this year, compared with an estimated 495m last year.
中海油計劃今年生產4.70億至4.85億桶石油當量，去年該公司的產量約爲4.95億桶。
China’s state-controlled oil producers expanded aggressively from 2000 because of the country’s growing demand for crude, but they are now saddled with high-cost fields overseas.
自2000年開始，中國國有控股石油公司就因國內不斷增長的原油需求而大舉擴張，但他們現在受到高成本海外油田的拖累。
Mr Li said Cnooc would analyse cash flow on a field-by-field basis and “be more cautious when making major investments”.
李凡榮表示，中海油將在逐塊油田分析現金流，並且“在進行重大投資時更加謹慎”。
“In the harsh winter, we pay more attention to whether [a field] can bring cash flow,” he added. “I hope we can cut costs faster than the oil price drops, but sometimes that’s not realistic.”
“寒冬時期，我們更加註重（一塊油田）能否帶來現金流，”他補充說，“希望我們縮減開支的速度能快過油價下跌的速度，但有時這並不現實。”
Production cuts “are more likely to come from overseas projects than [producers’] domestic operations”, said Gao Jian, analyst at .
卓創資訊()分析師高健表示，減產“更可能來自海外項目，而非（這些油企的）國內業務”。
“The pressure to maintain production levels is more likely to come from the companies themselves rather than from the government,” he added. “Cutting production would mean worse performance.”
“保持產量水平的壓力更有可能來自企業自身，而非政府，”他補充說，“減產意味着業績下滑。”
Analysts said the falling crude price had one silver lining for certain oil producers, in the form of an improved outlook for their refining arms.
分析師表示，原油價格下跌給某些油企帶來一個利好——他們旗下煉油部門的前景將有所改善。
This month, China’s National Development and Reform Commission adjusted the formula it uses to set domestic diesel and petrol prices, in order to incentivise refiners.
本月，中國發改委(NDRC)調整了國內汽、柴油定價機制，以激勵煉油企業。
