Yanchang Petroleum International Announces Annual Outcomes 2017
Canada Novus’ daily average production was 4,251 BOE, up by 6% yoy; web profit after taxation was CA$24.Fifty two million (equivalent to approximately HK$160 million), up by 65% yoy.
Henan’s complete sales volume of refined oil trading enterprise hit a record excessive, exceeding 2.6 million tonnes, achieved revenue of RMB17.2 billion.
Yanchang Petroleum International Restricted (“Yanchang Petroleum International” or the “Company”, together with its subsidiaries, the “Group”; stock code: 00346) introduced at the moment its annual results for the 12 months ended 31 December 2014 (“the yr under review”). Throughout the yr below evaluation, the Group’s turnover increased by 15.5% to roughly HK$22.35 billion. In 2014, regardless of the impression of the one-off and non-money oil and gasoline asset valuation impairment, the web profit attributable to the Group’s oil and gas in-manufacturing business in Canada and refined oil buying and selling enterprise in the PRC as an entire achieved roughly HK$211 million, nearly thrice of the roughly HK$52.83 million revenue recorded for the corresponding yr of 2013.
Mr. Zhang Kaiyong, Chairman of Yangchang Petroleum International, stated, “Underneath monumental help of the Board and the controlling shareholder of Yanchang Petroleum International, the efficiency of upstream oil and gasoline manufacturing enterprise, exploration business and downstream refined oil buying and selling enterprise hit a file in 2014. Novus’ in-production oil and gas mission in Canada achieved nearly 1.5 million barrels of oil equal (“BOE”) of annual manufacturing, the exploration challenge of Oilfield Block 2104 in Madagascar accomplished 197 km of 2D seismic knowledge assortment, analysis and interpretation and the annual volume of refined oil trading in Henan reached over 2.6 million tonnes, stepping up the company’s upstream and downstream companies to another new level.”
In-Manufacturing Oil and Gas Business
In 2014, Novus’ annual income was CA$one hundred twenty million (equal to approximately HK$820 million), representing a rise of 12% as compared with the previous year; the daily common manufacturing was 4,251 BOE, representing an increase of 6% as in contrast with the previous 12 months. The web revenue after taxation was CA$24.52 million (equivalent to approximately HK$160 million), up by 65% as compared with the earlier yr. In accordance with the reserves report issued by an independent technical consultant, the Proved plus Probable (2P) Reserves of Novus was 22.39 million BOE as at 31 December 2014, representing a rise of three% as compared with the earlier year. Novus presently has 669 wells in production.
In addition, Novus commenced its pipelines connection mission at the tip of 2014 which can start operation initially of 2015 upon completion. Connecting sixty three wells within the region by constructing a network of 12.65-km oil and fuel pipelines in Flaxcombe, the core manufacturing region at a undertaking budget of CA$7.5 million (equivalent to roughly HK$51.25 million). It is expected to increase every day manufacturing by roughly 610 BOE. Upon the completion of the pipeline connection challenge, the oil production quantity is expected to be elevated while lowering the transportation costs in addition to minimizing the effects introduced by dangerous weather on the gross sales of oil and gasoline.
With the worldwide oil price plummeting, Novus intends to regulate its capital expenditure and manufacturing quantity at a reasonable level with an purpose to balance its money flow.
Refined Oil Buying and selling Business
During the yr beneath assessment, annual total sales quantity of refined oil buying and selling business in Henan hit a report. In 2014, gross sales volume of refined oil exceeded 2.6 million tonnes, representing a rise of 410,000 tonnes or 19% as in contrast with the earlier yr; revenue of refined oil buying and selling was RMB17.2 billion, representing a rise of 14% as compared with the previous yr, while whole profit after tax was RMB61 million.
The development of Xingang sub-pipeline underneath the Lanzhou-Zhengzhou-Changsha refined oil pipeline has completed 95%. Additionally, most of government approvals have been accomplished and obtained. Xingang sub-pipeline project is planned to commence operation in 2015.
Having been affected by a slump in worldwide crude oil value, refined oil value in China remained at a low level. Under such circumstances, the corporate has carried out quite a few researches on petroleum equipment company different facets, such as planning to totally utilised storage capability in addition to increasing oil sources and customer base in order to spice up gross sales and maximise profit.
In 2014, BGP Inc. China Nationwide Petroleum Company (“BGP”) was commissioned by the corporate to conduct information processing and findings in relation to 197-kilometer 2D seismic exploration for the southeast of the Oilfield Block 2104 in Madagascar. The report on the findings of the undertaking has been inspected and accepted by experts. It is considered a favourable gasoline and oil bearing area to form fuel and oil belt. The corporate will proceed to strengthen the integrated geological research on the oilfield block as a way to plan the subsequent steps for exploration. Furthermore, the Group has already commenced the 2D seismic knowledge assortment within the Oilfield Block 3113 which is expected to be accomplished in the midst of 2015.
Chairman Zhang concluded, “As a result of sharp decline in worldwide crude oil price, 2015 will likely be a really difficult year. The company will continue to develop Novus in Canada; make progress with 2D seismic exploration and the extension of exploration interval for the oilfield blocks in Madagascar; facilitate the operation of pipelines for refined oil of Henan Yanchang; and actively searching for acceptable in-manufacturing oil and fuel acquisition opportunities overseas, striving to optimizing the company’s downstream enterprise portfolio, bringing additional returns to shareholders.”
About Yanchang Petroleum International (stock code: 00346)
Yanchang Petroleum International is principally engaged in the following actions (i) funding in oil, natural gas and vitality related enterprise; (ii) exploration, exploitation and operation of oil and gas; and (iii) gas oil buying and selling and distribution. In its upstream operations, Yanchang Petroleum International possesses working oilfields in Saskatchewan and Alberta, Canada, by Novus Energy Inc. a Canadian enterprise. Novus engages within the enterprise of buying, exploring for, developing and producing crude oil and pure gasoline. Yanchang Petroleum International also holds a a hundred% stake in Oilfield Block 3113 and Oilfield Block 2104 in the Republic of Madagascar. In its downstream operations, Yanchang Petroleum International is principally engaged in wholesale, retail, storage and transportation of oil products by way of its 70% owned subsidiary, Henan Yanchang Petroleum Gross sales Co. Limited, and which has been granted valid licenses for distribution and gross sales of oil products in China. For particulars, please seek advice from www.yanchangpetroleum.com
About Shaanxi Yanchang Petroleum (Group) Co. Restricted
Yanchang Petroleum Group is principally engaged in oil and gasoline exploration, exploitation, processing, pipeline transportation and gross sales of oil and fuel; chemical engineering of oil, gasoline and coal, equipment manufacturing, project building and oil and fuel analysis and growth. Yanchang Petroleum Group owns the best for exploration, exploitation and operation of oil and natural gasoline sources and has refining services in China, and owns oil and natural gas resource property in China and abroad. In 2013, Yanchang Petroleum Group produced 12.Fifty four million tonnes of crude oil, processed 14.03 million tonnes of crude oil and produced petroleum equipment company 24.6 million cubic meters of pure gasoline, and achieved annual revenue of RMB186.5 billion. Yanchang Petroleum Group, CNPC, Sinopec and CNOOC are the most important 4 enterprises in China which own and have the suitable to explore oil and fuel assets in China, and Yanchang Petroleum Group is the only petroleum enterprise with more than a hundred years of historical past. In 2014, Yanchang Petroleum Group ranks No.
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