What will CNPC and PetroChinas business performance look like going forward?
Domestically, many of our fields are mature, especially in the east part of the country, so production there is decreasing. In the west part of the country it is not easy to increase production without having high costs. There is high geological risk which requires a higher investment [than] the same size investment in Africa, for example. But this dilemma is the same one facing international oil companies around the world, and especially for American oil companies, of course. As a result, overseas production will become a bigger and bigger proportion of our business. Of course we are facing tough issues downstream in China. We are also facing new levies on our company, including windfall taxes. And we have those high costs of development at home. But CNPC can still make huge money from high oil prices as our upstream business keeps growing strongly at home and abroad. I think our future will be bright.
