Message from the Chairman
As Chinese economy entered the “New Normal”, domestic oil and gas demand growth slowed down and market competition further intensified. Facing up to the changes in the new situation, CNPC focused on oil and gas businesses and accelerated the shift in its development concepts and thinking from a scale and speed-oriented pattern of growth to a more quality and efficiency-focused approach for steady development.

Year in Brief Operation Highlights
In 2015, CNPC maintained safe and smooth production and achieved hard-won business performance by adjusting operational strategies and cutting cost in response to market conditions featuring declining global oil prices, over supply of refined products and a sharp slowdown in gas demand growth in China.

Annual Business Review
Our production and operation activities were conducted in an orderly and efficient manner. A range of retrenchment and cost efficiency measures were implemented, facilitating the shift in our growth from a scale and speed-oriented pattern to a more quality and efficiency-focused approach.
  Exploration and Production
  Natural Gas and Pipelines
  Refining and Chemicals
  Marketing and Sales
  Overseas Oil and Gas Operations
  International Trade
  Oilfield Services, Engineering & Construction,
and Equipment Manufacturing
Safety, Environment, Quality
and Energy Conservation
  Human Resources   Technology
Financial Statements   Board of Directors ·
Top Management · Organization
  2015 Industry Review   Major Events
China National Petroleum Corporation