What severe challenges and opportunities have low oil prices brought to the oilfield and our unit?

If the oil price is low, the profit of the oilfield will be thinner, so the main problem is:

How to maintain profits while maintaining production?

The opportunity is to promote the industrial upgrading often mentioned by the central government through the current low profit, develop some high-end petroleum derivatives and the like, and also improve and innovate the traditional petroleum fractionation technology and management. Because only in this way can we defeat our current opponents at a low profit. How to deal with these problems has become a challenge for enterprises.

Low oil prices have a great impact on China Petroleum's overseas business. Overseas exploration and development companies have taken various measures at the same time, and their investment has tilted towards efficient discovery of reserves. They adjusted their development and deployment with the benefit as the center and based on the "secondary development" of the oilfield, which effectively slowed down the decline of the old oilfield and the overseas oil and gas production exceeded the plan.

The oil price has fallen sharply, the upstream business volume has decreased, and the pressure has gradually spread to the engineering technology service industry. Unlike major international oil service companies that have laid off employees to spend the winter, China Petroleum has made full use of the advantages of upstream and downstream integration, accelerated scientific and technological innovation, and cooperated with oil companies and engineering and technical service enterprises to tide over the difficulties.