Good afternoon, everyone. Welcome to CNOOC Limited's 2025 Interim Results Announcement. Let me introduce to you our management in attendance. CNOOC Limited President, Mr. Yan Hongtao; CFO, Ms. Mu Xiuping; Independent Non-Executive Director, Mr. Lin Boqiang; and Joint Secretary, Mr. Xu Yugao. This meeting is divided into three parts. First, President Mr. Yan Hongtao will make opening remarks. After that, CFO Ms. Mu Xiuping will reveal the company's 2025 first half operations and financial performance. Then there will be a Q&A session with consecutive interpretation. I will pass the floor to Mr. Yan. Shareholders, media friends, good afternoon. I'm very happy to see you here again to share with you CNOOC's 2025 first half interim results. In the first half of the year, we overcame the pressure of fluctuating and declining international oil prices, achieving significant results in reserve expansion and production growth, and our cost control and value creation capabilities were enhanced. We continued to enhance our reserve and production. We made five new discoveries and successfully appraised 18 oil and gas structures. So we solidified our natural reserve or resources base. We successfully brought 10 new projects into commencement of production with engineering construction on schedule. Net oil and gas production reached 384.6 million BOEs, up 6.1% year- on- year, with natural gas production rising 12%. We insist on oil and gas main business together with new energy. And so we also expedited our green developments, green transformation, sustainable development. We continue to develop with high quality and high sustainability and safety. In the first half, we continued strong value creation capabilities and net profit attributable to shareholders, RMB 69.5 billion, number three in our history. So we insist on sharing our development results with shareholders. We have decided to pay interim dividend of HK$ 0.73 per share, inclusive of tax. And this is the number two record in history. Payout ratio is 45.5%. In the second half, we will strive for progress amidst stability in technological developments, boosting of reserve and production, and green transformation. We will put in our most effort to complete our yearly goal so that we can repay to our investors with even better results. Thank you. Thank you, Mr. Yan. Now we will invite Ms. Mu to continue the presentation. Honorable shareholders, analysts, and media friends, good afternoon. Welcome to CNOOC's 2025 Interim Results Presentation. I am Mu Xiuping, CFO. This is the first time that I see you here. I'm very happy. Now I would like to report to you our company's operational and financial performance for first half 2025. There are three parts in my report. First, business overview, and part two highlights introduction and operations. Part three, future outlook. First, business results overview. In the first half 2025, we overcame the pressure of fluctuating and declining international oil prices, achieving significant results in reserve expansion and production growth, while steadily enhancing our value creation capabilities. During the period, we made five new discoveries and successfully appraised 18 oil and gas structures. And there are 10 new projects that commenced production successfully with engineering construction on schedule. Net oil and gas production reached 384.6 million BOEs, up 6.1% year- on- year, with natural gas production rising by 12% a double digit. Meanwhile, the safety or HSE performance of the company remained stable. For financial highlights, Brent oil price came down 15.1%. However, we achieved oil and gas sales of RMB 171.7 billion and also 69.5 billion of net profit attributable to shareholders of the parent company. The decline is lower than that in oil price. And all-in cost remained stable at $26.94 per BOE. To share development achievements with shareholders, the board has approved an interim dividend of HK$0.73 per share, including tax for 2025. Now, you m ay know that in the past 10 years, we have built robust value creation capabilities that withstand oil price cycles by persistently expanding reserves, boosting production, and reducing costs while enhancing efficiency. On this slide, you can see that in the first half this year, international oil prices remained at the median level of the past decade. However, thanks to net production reaching a new historical high and all-in costs approaching their best ever levels, the company's net profit attributable to shareholders reached the third highest level for the same period in history. Next, I will report to you our operational highlights. For exploration in the Bohai region, we made new discovery of Jinzhou 27-6, demonstrating broad exploration prospects in the Paleogene lithological play. The new discovery of Caofeidian 22-3 was made, showcasing favorable exploration prospects in shallow lithological area. In South China Sea, we made the new discovery of Weizhou 10-5 South, achieving a major breakthrough in the exploration of metamorphic buried hills, the first of its kind in China Sea, South China Sea. We successfully appraised Qinhuangdao 29-6 and Weizhou 10-5, both of which hold promise as medium to large-sized oil and gas fields. There is successful appraisal of Lingshui 25-1, demonstrating the significant effectiveness of integrated rolling reserve expansion. For overseas exploration, we have actively expanded our presence in strategically important regions. We signed a new oil contract in Kazakhstan's Zhylyoy Block and assumed the role of operator for this block. Additionally, the oil contract for Iraq's Block 7 officially took effect in February this year. We own 100% of its equity, and we also serve as the operator. In terms of production in the first half of the year, our net production of oil and gas reached 384.6 million BOEs, a 6.1% increase year- on- year and setting a new record high for the same period in history. Natural gas production surged by 12% year- on- year, a double digit, primarily driven by contributions from projects such as the Shenhai-1 Phase II Natural Gas Development Project. In terms of development, in the first half of the year, 10 new projects commenced production, significantly exceeding the number of projects which commenced production in the same period in past years. Below, I will introduce several key projects in our capacity expansion effort. Among new projects commissioned in Bohai region, the Caofeidian 6-4 oil field comprehensive adjustment project leveraged existing facilities to enhance project economics. The Luda 5-2 North oil field extended life development project achieved efficiency and economic exploitation of heavy crude through optimized injection production technology and expanded application. The Bozhong 26-6 oil field development project Phase I progressed from discovery to production in just three years, achieving plateau daily output exceeding 20,000 barrels of oil equivalent, demonstrating efficient and rapid conversion of reserves into production. In South China Sea, the joint development of Panyu Blocks 10/11 employs the typhoon production mode to fully ensure production safety. The Wenchang 9-7 oil field development project utilizes flooding gas, miscible gas flooding technology to significantly enhance projects' recovery rates. The Phase II natural gas development project of Shenhai-1 has commenced full-scale production, boosting the plateau annual gas output of Shenhai-1 gas field to 4.5 billion cubic meters. Overseas, the commissioning of the Buzios 7 project in Brazil will boost daily crude oil production at the Buzios field to 1 million barrels within a year, while the Mero 4 project startup will increase daily output at the Mero field to 770,000 barrels. South America will continue to serve as the company's most significant overseas source of oil and gas growth. We remain committed to driving operational capability enhancements through technological innovation. In first half 2025, advanced geophysical technologies were widely deployed to significantly support deep exploration efforts. Large-scale application of cable-based and cable-free intelligent water injection technology helped reduce natural decline rates of China's offshore oil fields to 9.5%, achieving the best historical performance. Comprehensive advancement of intelligent drilling and completion initiatives resulted in a 26% acceleration in benchmark projects. We systematically advanced digital and intelligent transformation with Shenhai-1 smart gas field recognized as China's national outstanding smart factory. By integrating satellite remote sensing, unmanned equipment, and AI algorithms, we achieved precise tracing of marine oil spills and efficient emergency response to typhoon disasters. While advancing our core oil and gas operations, we have continuously strengthened energy replacement, promoted flare gas recovery and utilization, scaled up permanent magnet electric submersible pumps, implemented lean electricity management, and achieved new progress in clean oil and gas production. We have made new progress in cultivating new energy and emerging industries. China's first offshore CCUS project commenced operations at the Enping 15-1 platform, pioneering a new mode of marine energy recycling that drives oil recovery with carbon and secures carbon with oil. The Wenchang 9-7 oil field hosts the world's first 5 MW offshore high-temperature flue gas ORC power generation unit with expected annual electricity output of 40 million kWh. While maintaining intensity of effort to increase reserves and production, we established comprehensive health and safety system, strengthened hazard remediation, promoted digital and intelligent empowerment, and deepened lifecycle environmental management. In the first half of this year, the company's total recordable occupational injury incident rate and lost-time injury rate remained at low levels. Now let's examine our financial indicators. In the first half, our company's realized oil and gas prices largely followed market trend, with oil and gas sales revenue and net profits attributable to shareholders remaining at high levels. Now let's take a look at the changes in the key operating indicators. In the first half, net profit attributable to shareholders reached RMB 69.5 billion in the first half. This, comparing on a year-on-year basis, is down 12.8%. This is mainly because of decline in crude oil price. So we did a lot in boosting production, and also we do lean management to control costs and improve efficiency to offset the impact. So our net profits attributable to shareholders is still number three, third best in history. So here we conducted a two-pronged comparison to more clearly demonstrate the steady improvement in the company's profitability. Compared to the same period last year, despite a 15.1% decline in Brent crude oil prices, the decrease in the company's net profit attributable to shareholders was smaller than the drop in oil price, so net production volume up 6.1%, all in costs down 20%. And then in 2018, under similar oil price conditions, oil price is $71.2 per barrel, now is $71.8, more or less the same. Net profit attributable to shareholders surged by 172.9%. This is because of our company's sustained efforts in expanding reserves, boosting production, enhancing quality, and increasing efficiency. We remain committed to pursuing profitable growth in reserves and production, with robust free cash flow reaching RMB 57 billion, so free cash flow is stable and adequate. The company maintained a sound financial position, with total assets reaching RMB 1.119 trillion, an increase of RMB 62.7 billion from the beginning of the period. This is because of our profitability driving this increase. So we have a gearing ratio of 8.4%, so showing a healthy financial position. CapEx in the first half was RMB 57.6 billion, mainly used in exploration and development of production capacity and increase in production volume. CapEx were executed according to plan with satisfactory completion. In the first half this year, our all-in cost was $26.94 per barrel, so it remained stable. There was good control. This is because of achieving economies of scale through increased reserves and production, synergistic cost reduction that enhanced operational efficiency and strict control of project expenditure. We place high importance on shareholders' return and actively share development achievements with shareholders. The board decided to distribute interim dividend of HK$ 0.73 per share, inclusive of tax for 2025, with dividend payout ratio of 45.5%. Last year is 40.3%, so we are up five percentage points. The increase in payout ratio enables us to maintain an absolute dividend level comparable to last year despite a decline in net profit, achieving the second highest dividend payout in the company's history for this period. Finally, let's review together our future outlook. At the beginning of the year, we talked about future business strategies and goals. In 2025, our main goal won't change. Looking into the future, we will persist in advancing, increasing oil and gas reserves and production, promoting green energy transition, and fostering independent technological innovation. So we will continue to adhere to quality enhancement, efficiency improvement, and upgrading campaign, and we will continue to enhance our value creation capabilities to deliver greater return for shareholders. That concludes my presentation. Thank you. [Foreign language] 欢迎在现场的各位举手发问。那通过电话会议参会的朋友们，如果需要提问，请在电话上按"星一键"。通过电话会议参会的朋友们，如果需要提问，请在电话上按"星一键"。请各位在发问之前简单介绍一下自己的姓名以及所代表的机构。感谢您的合作。 Ladies and gentlemen, we now begin our Q&A session. If you would like to ask a question, please raise up your hand or press star one. Press star one on your telephone touchpad. Prior to asking any questions, please briefly introduce yourself and the company you are representing. We appreciate your cooperation. Let's wait for our first question, the lady in the first row. [Foreign language] 喂，感谢管理层给我提问的机会。我是JP Morgan分析师王瑞华 Parsley。那首先，我们国内天然气产量在二季度其实是环比提升的，然后平均销售价格，也是比其他同行好。能够分享一下我们背后原因吗？我们是海外的价格比较好吗？还是国内的价格比较好？然后可以给一些2026年的价格展望吗？国内的价格展望，然后第二个问题是，我看我们上半年的股息支付率特别好，哈哈。那同比增长5个百分点，那我们全年的股息支付率可以也同比增长5个百分点吗？就是50%股息支付率。谢谢。 I have two questions to ask. The first question is about Chinese market. The natural gas production volume rose in the Q2 on a quarter-on-quarter basis, and also your average selling price is better than your other peers. What are the reasons behind this? Is it true that the overseas price is better or the domestic price is better? Then can you give a price outlook for the Chinese market of natural gas in 2026? My second question is, your dividend payout has improved by five percentage points. So are you going to also improve your dividend payout by 5% for the whole year? That means at 50%. Will it be the case? Thank you. [Foreign language] 第一个问题呢，我来回答。第二个问题呢，我请穆秀萍女士来回答。关于天然气的我们的产量和这个价格的问题呢，公司发展天然气业务是公司的既定战略之一。2025年上半年，天然气净产量为516.210亿立方英尺，同比增12%。这主要来自深海一号、二期和渤中19-6等项目的产能的强劲释放，就是我们有新项目投产和释放产能。未来几年，随着国内南海西部、渤海等地产气，这个气田的这个产能释放，天然气的产量占比还将逐步有所提高。在海外，圭亚那是天然气增长的潜力区域，如未来能落实合适的这个市场，我们这个也会努力的探索新的天然气的这个资源的机会。相较于原油项目，天然气具备稳产周期长、海输率高、作业成本低的特点。此外，公司国内海气的销售以长协合同为主，价格相对稳定，能够提供稳定的现金流。目前全球天然气这个市场并不是一个完全统一的价格市场。在不同的市场，天然气的价格，尤其是LNG的现货价格，受到供需关系、季节性、极端天气和地缘政治等多重因素的影响。我想呢，我再强调两点：中海油发展天然气不以降低我们原油的发展为基础，我们重点呢还是在发展这个原油。大家都知道行内人原油的这个经济性可能要比我们天然气的经济性通常情况来讲要更好。只是说我们在发展原油的同时呢，我们在天然气的发展上把它也作为我们一项重要的内容来推广，希望呢把天然气的这个产量的比率略有提升，略有提升，增加我们这种清洁能源的供应能力。在天然气的价格上，因为我们中海油有一个相对稳定的一个销售框架，所以我们长期来讲能保持一个既能保持我们比较好的稳定的销售价格，同时呢又能发挥我们相关关联方寻找市场最佳价格的一个机制，一个机制。所以我们整体是稳定的。但是从中长期看，尤其是中期看，从国际的整体情况来看，我们天然气的国际市场的天然气价格在未来几年可能会略有下降的趋势，这个我们是有心理准备的。谢谢。第二个问题呢，请穆秀萍女士来回答。 我可以先翻译。 Okay, so let me answer the first question about natural gas. So your question is about the production volume and price of natural gas. It has been one of our very important strategies to develop the natural gas business. In the first half of the year, first half of 2025, total production of natural gas amounted to 216.2 million cubic meters, so up 2%. This is mainly because of our additional reserves and production in Phase II of Shenhai-1 and also the Bozhong projects. So with new projects commencing and also additional reserves and production in the western area of South China Sea and Bohai region, as a result, our total production volume of natural gas had increased. For the overseas markets, our major production region for natural gas is Guyana. So if we are able to identify appropriate markets, then we will definitely continue to explore new production facilities or regions for natural gas. Well, the unique characteristics of natural gas production is that, first of all, its cycle is longer, its cost is usually lower. Besides, we do business usually in the format of signing long-term agreements and contracts. So as a result, the price has been more stable, and there would be also a reasonable stable cash flow. Right now, all over the global market, for natural gas business and operation, it is not based on standard price. So if you look at, for example, LNG spot price, you will realize that there are a number of factors that would affect the price level, including, for instance, geopolitical situation and also climatic changes and weather. For our company, we are not using the natural gas business as a means to lower our business in crude oil. Still, our major business, our focus is still in crude oil business. However, that is because for crude oil business, the economics are better, but then we still want to make use of natural gas to supplement the original business. And we hope that the ratio, the share of natural gas production can gradually increase because this is also a means for us to get into the development of clean energy. And then in terms of price, we enjoy stable price because we have a stable sales system and we have a way to identify the best market price. We have got a mechanism to do that. We believe that in the medium to long term, if you consider the international natural gas price in the coming few years, there will be a decline in international natural gas price. [Foreign language] 好，我回答您的第二个问题。那么非常感谢您关于股息的一个提问。刚才正如报告里边讲到的，今年中期呢，董事会决定派发0.73港元每股的这个股息。那么股息支付率呢，达到了45.51%。派息的总额是316.42亿元，这个绝对额都跟去年同期基本持平。那么刚才我报告里也讲了，实现这样的一个股息支付是在这样的一个油价下非常不容易的。油价下降15.1%。那么公司经过精益管理一系列的增储商产，我们利润下降12.8%。但是我们的股息为了能给投资者很好的回馈，我们提高了派息率。那么下降的幅度，没有基本上保持持平，已达到了历史第二高。这些数据想跟大家报告的就是充分体现了公司一贯坚持的以高质量发展来回馈公司的股东，同时与股东共享我们的发展成果。所以今年年初我们也制定了一个三年，就是未来三年的股息支付的一个政策。那么整体上公司在无论过去多少年的这个历史环境里看，油价无论如何波动，我们回馈股东的这个态度和我们的做法是一贯的。那么展望未来呢，刚才您问到下半年，我刚才也讲到，就是下半年呢，我们还是会根据公司的生产经营情况、我们的财务状况情况、我们的投资机会，以及我们对标可比公司整体情况，结合我们已有的股息分配政策，就是年初发布的股息政策，来制定我们的派息率。但是有一点请大家相信，我们一如既往地以高质量的发展来创造好的业绩，提升公司价值，回馈股东，也会以合理的分红政策来回馈公司的股东。那么请大家一起来期待我们公司高质量的发展，跟我们一起享受公司发展的成果。 Now let me answer your question concerning dividend payout. We had already announced or proposed that the interim dividend is going to be HK$ 0.73 per share, and dividend payout ratio is at 45.51%. So the total amount of dividend payment will amount to RMB 31.64 billion. These amounts are more or less the same year on year. Given the decrease in oil price by 15.1%, well, it is not easy for us to propose and arrange such a dividend payout ratio. So because, as I mentioned in our presentation, we exercised lean management, at the same time we achieved a boost in both reserve and production. We are able to enhance our overall business results. Our profit only came down by 12.8%, while oil price actually came down 15.1%. If you look at our dividend for this interim period, actually the payout ratio is already the second highest in our history. All along we have been striving for high-quality development, and we want to share the results and fruits of our development together with our shareholders and investors. We have already set the dividend policy for the coming three years. No matter how the international oil price is going to change, our policy and our principle of paying back to shareholders won't change. You asked about the dividend payout for the second half of the year. We will take into consideration a number of factors. For example, our production situation, our operations, our financial position, our investment opportunities. We will also benchmark ourselves against similar companies. And we also take into consideration the dividend policy that we have already set in setting the coming dividend payout ratio. So again, we will adhere to the principle of high-quality development. And in this way, we can enhance the corporate value for our company. And we are able to make sure our dividend payment is reasonable. We can reasonably share our fruits and results of development together with all shareholders and investors. Thank you. Thank you. The first question is taken by Mr. Yan Hongtao, President of the Company. The second one is taken by Ms. Mu Xiuping, CFO of the Company. [Foreign language] 感谢。我们第一条问题的回答是来自于公司总裁严洪涛先生。第二条问题的回答是来自于首席执行官穆秀萍女士。好的，我们下一条问题是来自于线上经济参考报的网络记者，请继续您的提问。喂，您好。你好，可以听到，请继续。 [Foreign language] 我的问题是刚才咱们也讲到，就是说咱们上半年是基于这样一些增储上产，还有这个降本增效等获得了这样的一个成绩。就想问怎么看下半年的这个油价的一个发展情况，以及咱们下半年这样的一个降本啊，或者提效的这个空间能有多大。这是第一个问题。第二个问题，刚才咱们也讲到了在这个新的这样的一些业务，新能源等业务的方面的一个发展。那么下半年在这方面有一些什么样的布局？谢谢。 I have two questions. In the first half of the year, you achieved cost reduction as well as efficiency improvement. Now, in the second half of the year, how is oil price going to change? What about cost reduction? What will be the further room for cost reduction and efficiency improvement in the second half of the year? My second question is, you mentioned new energy business development. So do you have any plans or any measures or initiatives in this area, please? [Foreign language] 关于第一个问题前半部分呢，这个请这个穆秀萍女士来回答。关于油价这一部分呢，请林先生来回答。然后这个关于新能源业务这块由我来回答。好的，感谢您的提问。我先给您回答一下我们的成本情况。那么今年上半年呢，刚才报告里也讲到，公司的桶油主要成本是26.94美元每桶。那么去年同期呢，我们是27.75美元每桶，实际上是下降了2.9%。那么公司呢，一直是坚持一个低成本的发展战略，可以说低成本就是中海油长期发展的核心竞争力。那么这十年来，其实我们公司桶油的主要成本都控制在30美元每桶左右，这是我们的一个核心竞争力。我不知道是需要同步还是先。 Okay, let me first answer your question concerning cost. In the first half of the year, our all-in cost was $26.94 per barrel. And then last year, in the same period, it was $27.75. So there is a 2.9% drop year- on- year. And then all along, we upheld our low-cost strategy. This is our core competitiveness over the long term. So over the past ten years, we have been able to control the all-in cost to around $30 per barrel. [Foreign language] 那么桶油成本的管控就直接贡献了我们经济效益的增长。展望下半年，我们还是会一如既往地坚持低成本的发展战略。我们主要要采取以下的一些措施进行成本的管控，一个就是继续通过技术进步和科技创新来加强成本的管控。比如说我们现在公司一直在推进的两提一降、稳油控水、优质钻完井等等这些技术。通过这些技术降本，那是支撑我们降本生命力的一个创新降本。第二个呢，就是我们通过精益管理流程的优化等等来降本。比如说我们现在推行的一些工程的标准化、物流优化、集中采购等等，通过这些来提升效率，降低我们的变动费用。那么这些精益管理的方式方法呀，我们每个季度都要开精益管理的管控会，这个杨洪涛总也都亲自参加。所以通过精益管理，既降低变动费用，也降低固定成本。第三呢，我们是通过增储上产，您刚才看到我们的净产量是逐年在增加，今年又达到了历史的新高。那么通过产量规模的增长来摊薄我们的变动成本和固定成本，对于未来我们也会持续地创造这样的一个增长动力。那么第四个呢，我们就是通过从源头，包括优化投资结构，优化我们源头的严选项目等等，通过源头管控投资，也减少后期的DDA，就是折旧折耗摊销等等。同时我们也保证了一个安全生产，这也是最大的降本。对于下半年公司依然会坚持以上一系列的降本增效的措施。但是呢，也跟各位股东报告，我们的成本呢，是要控制在一个低位的水平，而不是无限的极端的一个成本的压降。那么整体上我们还是要持续保持低成本的竞争优势来促进公司的高质量发展。我就回答这么多，谢谢。 So in terms of cost control, as I said earlier, achieving a low cost has been our strategy over the long period of time. And by achieving, by exercising cost control, we're able to enhance our overall economic benefits. In the second half of the year, we will continue to apply low-cost strategy with a number of specific measures as follows. The first one is about technological improvements and innovation. So for instance, we will adopt measures like stabilizing oil and controlling water. We will continue to invest into further technological innovation to help drive down cost. The second measure is about lean management. So we need to enhance our workflow and processes. And also we will standardize our engineering construction. We will optimize and enhance our logistics. So all these will help to drive costs down. Actually, every quarter we hold lean management meeting, regular meetings, also attended by Mr. Yan as well, so because of this effort in lean management, we are able to control and lower our fixed costs, and the third measure is about increasing reserve and production, so as mentioned in our presentation, in the first half of this year, our production volume increased, achieving a new level in our history, so because of this, our variable cost and fixed cost can be diluted. The fourth measure is an improvement in our investment structure, so we try to do management at source of all our investment, and in this way, we're able to lower the DDA, and also safe production is also an important factor that can help lower costs. So all in all speaking, when we are able to lower costs, then we will be able to continue to maintain our high-quality development. However, when I say that we uphold a low-cost strategy, it doesn't mean that we would indefinitely lower and compress costs. We just want to ensure that we can stick to our low-cost strategy to attain high-quality development. [Foreign language] 关于这个油价的预测呢，我请林伯强先生。谢谢。那我来回答一下油价的问题。油价的问题呢，对于中海油的业绩的影响其实很大，所以呢，也一直是大家非常关心的一个问题。那么石油呢，目前还是全球最重要的能源来源。它呢，跟经济的增长和经济的状况的相关性非常高。那么由于这个期货市场上的投机力量也很强，所以呢，油价受这个影响的因素就非常多。我们大概做了20-30年的油价的预测，就感觉到越来越不容易，因为它的影响因素越来越多。比如说地缘政治，它就越来越看不清楚了。它越来越有它的很多变数，比如说俄乌冲突，对吧？比如说中东的动荡，还有特朗普的关税政策。它看上去是个经济政策，其实它也含有地缘政治的因素。那比较近的来看呢，目前Brent我看了一下，今天大概是$60左右。几个比较重要的动态我来讲一讲。第一个比较重要的动态就是OPEC的增长。那么我觉得到今天基本上已经消化的差不多了，应该是这样子的。另外一个比较重要就是美国的那个特朗普对于油价，对于油气鼓励的这个政策，大家都觉得特朗普鼓励化石能源，对吧？特别是油气。但从这个现实的数据上来看呢，近连续13周的那个美国的这个石油钻井机的数量是一直在下降的，它不是在上升的。所以其实石油公司对油价还是很敏感的。那么这是第二点。第三点就是特朗普的关税政策呢，特朗普政府的关税政策还是有不确定性，但相对于几个月前的话呢，它的不确定性就小了很多了。所以从这一点上讲，对于油价应该是个比较好的，比较利好的方面。那至于新能源替代的话，那目前担忧这个就为时太早了。它是一个长期的问题，它不是近几年的问题。所以总结一下，就是说这几个比较最近的这些动态的话呢，就导致了各大机构对油价的预测，目前基本上都在$65-$70之间比较一致的。那么呢，我跟他们也谈过，跟几家谈过，他们认为不确定性有，但是对这个$65-$70之间还是比较一致的。所以呢，大家就可以这么认为，2025年的话应该还是在$65-$70之间，至少大机构是这么预测的。那么所以对于中海油来说，油价它是一个不可控的因素。那么呢，中海油能够做得到的，就像刚才我们的总裁，我们的首席财务官所说的，增长，持续的增长，然后控制成本。那只要把这两点做好的话，我就觉得无论在任何情况下，中海油都可以持续的为股东创造价值。我就回答这么多，谢谢。 So now let me comment on the oil price. So to our business, the change in oil price indeed will cause a lot of impact. In fact, if you talk about the main source of energy, oil is still the main energy source, and it is highly correlated with the economy and economic growth. Now, there are a lot of factors that would affect oil price, and in fact, in recent years, there are more and more factors affecting oil price. We have been forecasting about oil price in the past 20-30 years, and we are of the view that this task is getting less and less easy, more and more difficult, because more and more factors affect oil price nowadays, including geopolitics, for example, Russian-Ukrainian war, and also the situation over the Middle East and President Trump's tariff policy and so on, so today I took a look at the Brent oil price is at $68 level. At the same time, there are a few dynamic factors that affect the situation. First of all is OPEC growth, but then it has been more or less digested. The second factor is Trump's policy to encourage traditional fossil fuel and also oil and gas development, but then in the past 13 years, we realized that the number of oil and gas drilling plants and equipment had come down. So basically that's because oil companies are very sensitive to oil price. The third dynamic factor is the uncertainty in the tariff situation. So even though there is uncertainty, however, the amount of uncertainty was already less than that a couple of months ago. So overall speaking, if you talk about the replacement by new energy, then I think it is premature to talk about that because new energy development is a long-term matter. So right now I have talked to a number of large organizations who had done forecasts of oil price, and the consensus is roughly around $65-$70. So even though there is still uncertainty, we can believe that for 2025, the oil price level will be around $65-$70 based on most large organizations' forecasts. Oil price is definitely uncontrollable. So CNOOC as a company can do the following two things. First of all, we need to continue to increase production and reserve, and secondly, we need to exercise cost control. So no matter how the oil price is going to change, if we are able to successfully do these two things, then we will be able to pay back to shareholders and deliver, generate good shareholder returns. Thank you. [Foreign language] 关于油价和成本呢，我想再补充一点。当然首先从个人的角度来讲，我非常赞成林博强先生刚才给大家的这个答案，这个回答。关于油价和成本，如果抛开我们短期的这个量的概念，我想借此机会呢给大家稍微介绍一下，就是中海油的生存哲学，也就是中海油生存和发展之道。我们知道对于上游公司，我们是一个勘探开发生产型这种公司，储量、产量、成本、安全，再加上油价，是对公司的生存和长远发展最重要的所有因素中最重要的五个部分。其中油价是对我们的利润，当期利润最敏感的这么一个因素。但是油价呢，对于任何油公司来讲是不可控的。所以中海油呢，经过了历史上高油价，也经历过历史上的低油价。我们从中呢有过收获，但是也有过痛苦。我们吸取了过去的这些经历，这些教训之后呢，我们现在逐渐变得成熟。我们提出来一种就穿越油价牛熊的这么一种生存战略。这是什么意思呢？实际上是我们的副董事长CEO周新华总呢，在之前的这个和媒体见面会上有过不少的这种解答。我想呢再给大家再重复一下。实际上呢，就是中海油不想依赖高油价，我们不想让自己成为一个投机型的公司。我们希望自己是成为一个基础非常稳固扎实的，这么一个，踏踏实实做成百年老店的，遇到任何风险我们都能对抗的，都能抵抗的这么一个公司。如果我们依赖高油价，那高油价的时候我们有好日子，但是低油价的时候我们就可能死掉。所以呢，我们日常的工作生存之道是什么呢？生存之道就是我们永远时刻在为低油价做好准备。从公司本身来讲，我们这管理层也好，我们是，大家都期望有高油价，这样会给大家给股东带来更多的利润。但是呢，我们实际害怕的是高油价，我们反而不害怕的是低油价。高油价给我们带来利润的同时，往往会给掩盖我们一些发展中的一些问题，让大家感觉到没感觉到我们有那么高的利润，其实它是你的机遇给你带来的，并不是你的能力带给你的。往往有的时候我们担心这种，尤其是长一点的高油价，会让大家沾沾自喜，反而忘了我们不断的持续的向着更低的成本、更高的效率、更高的水平去迈进的这种努力。反而这是当高油的时候，反而是我们需要非常警醒的。低油价的时候，不管油价多低，我们在国际通航中我们都有竞争力。用周新华总的一句话说，就是等油价低的时候就看看谁死得快，谁油价低谁就能活得久。谁成本高，谁成本低谁就活得久，谁成本高谁就先死，先死的人退出市场，这个市场剩下的人就油价就有这种支撑。所以呢，从长期的这个角度来讲，这个中海油呢，我们不断的是为低油价做时刻做准备，不断的夯实我们的基础，提高我们的储量和产量，让我们利于这个不败之地。这是中海油的生存哲学，就是我们希望有高油价，但我们绝对不依赖高油价，我们时刻要为不依赖于高油价，我们时刻要为低油价做好准备。另外呢，这个怎么说呢，就是我们有比较多的现金流，我们手里也有很多这个现金，这是大家比较关注的。我们实际上有的时候都希望一次稍微低一点的油价周期，让我们出现比较好的并购的机会，或海外寻找更好资源的机会。这是我们一直也在思考的一件事情。我就给再补充回答这么多。关于新能源的这块业务呢，我也OK，抱歉。 I would like to say that I agree with what Mr. Lin just mentioned in concerning the oil price. Let me now supplement in relation to oil price as well as our cost. I think it is a very important way of survival for the upstream companies like our company to see how we should do a better job no matter what the oil price is at. We are a company, we are an upstream company focusing mainly on exploration, development, and production. We have to do a good job in terms of five areas. First of all, our reserve. Second, our production. Third, our cost. Fourth, our safety, and also then oil price, so when it comes to oil price impact on profitability, of course, profit is very sensitive to changes in oil price, and oil price is something that is not controllable at all, and in history, we have gone through periods of high oil price as well as low oil price, and from all these moments, we had gains and pain as well, and so we have learned from past lessons and experience in finding a way to achieve better survival and results. Now we are already rather mature in riding out all these ups and downs. And so what I would like to say is that we have actually transcended beyond the bulls and the bears in oil price. So earlier on, our CEO had a meeting with media friends and representatives, and he had also made some remarks and shared some insights in relation to oil price. Now I would like to repeat some of the salient points. So overall speaking, we are a company that doesn't want to rely on a high oil price. Well, because we are not a speculative company, we are a very stable company that actually wants to solidify our foundation so that we are able to become a company with 100 years of history. And we should be able to withstand all the risk no matter whether the oil price is high or low. So if we rely on a high oil price, then of course with high oil price that will bring higher profits. However, if the oil price is low, then companies that do not have good fundamentals will die. So we have to do good preparation for low oil price. We do hope to see high oil price. However, high oil price will also obscure a lot of development problems, even though there may be high profit for us. At low oil price, then it all depends on whether the company has good competitiveness in the international market. So when the oil price is low, it is a matter of who can survive to the end and who will die fast. So we have to make sure that those companies with low cost of production, as what we have achieved, can survive. In the long run, we have to do all the preparation for low oil price scenario by solidifying our foundation. As you know, we have good cash flow position and we have quite a lot of cash on hand. So we do want to see a low oil price cycle so that we can identify more M&A opportunities and more attractive opportunities overseas as well. So that's all in relation to my comment on oil price. [Foreign language] 关于新能源这块呢，我分两个方面来回答一下。第一个是我们目前的发展形势。第二个呢，就是未来新能源的发展的思考。我知道大家问这个问题的时候呢，除了问一个直接问题，大家考虑的就是中海油长期以来，我们都是以油气为主，新能源量很少，而且过去呢，整个发展不错，新能源发展会不会影响，我们整体的一个发展。实际上在问的就是新能源要不要发展，为什么要发展，怎么发展，发展会不会给我们带来好的影响还是不好的影响。其实一个简单问题背后可能带有这些思考，我尝试回答一下。第一个呢，先说一下目前的发展。公司规划到2025年获取新能源资源500到1000万千瓦，公司到目前已经完成资源获取目标，目前各项工作均按计划在推进中。在海上风电项目方面，海油观澜号平稳运行，福建、粤东、海南等多个项目建设正在逐步推进。陆丰油田群清洁能源电力供给改造示范项目正式开工建设。这个项目呢，预期是在明年要投用。陆上风光项目方面，我们公司充分利用我们自有的陆岸终端和陆地油田，因地制宜铺设分布式光伏。这种分布式光伏重点是解决我们自用电的问题，减少我们外部用电，这样使我们的电更绿色化。公司坚持有效率的投资原则，无论油气项目还是新能源项目，都必须达到公司投资门槛才能通过审批。同时，公司致力于通过技术创新和管理优化，持续推动海上风电全流程降本，以提升项目整体竞争力。这是第一个，就是目前的发展态势。从我们长期的这个发展的形势来讲呢，这个我讲这么几点。第一个呢，要不要发展？要，一定是要发展。为什么要发展呢？就是我们传统能源也必须需要跟上形势，要做绿色化转型。绿色化转型，我们初期的这个新能源发展重点是和我们传统油气业务相融合。我们叫融合发展，怎么融合呢？就是争取用我们的这种绿色的这种能源，使我们油气生产更加清洁化、绿色化，就是替代掉我们历史上自己用油用气发电，还有我们有一些从陆地用这种火电，我们争取用它进行替代。而这种替代我们测算经济上是合适的，那是合适的。它比我们用原油和天然气发的电电价是便宜的，是偏便宜的。在我们绿色转型的同时，会给我们带来经济效益，至少使油田的效益会提升，不是降低。所以从这个方面呢，我们要发展。第二个呢，就是我们一定会坚持有效率的发展，不会说为了要一个发展的量，要一个发展多大的规模，我们盲目的不讲代价的，或者甚至于亏本的去发展，这个绝对不会。如果没有合适的项目，我们宁可停，我们会积极的去寻找，我们甚至于在未来会寻找一些在这方面通过技术的进步和我们的管理能力，寻找一定有护城河、有一定垄断性的这种新能源的发展的这么一些产业，我们会去寻找，使它成为我们的油气之外的第二生产曲线。我想，但是呢，不会为了发展而发展，不会为了量而去发展，一定是为了我们的这个公司的效益、公司的质量的整体提升而发展。这是第二个我说的。第三个呢，就是公司目前的发展呢，还不完全以量为目标，更重要的是以质，以我们的这方面的能力为目标。公司未来这是可能会投入比较多的研发，同时呢，对全球的新能源的发展，我们必须要参与，必须要跟踪，就是保证在未来哪怕10年、20年或30年，当新能源转型完全成功的时候，在这个产业里中海油不会掉队，中海油依然是在这个新能源领域里占有比较重要的成分。到那时候未来，这个预期在30年、40年、50年之后，我们的原油和我们的新能源肯定是此消彼长的，不会有一天说能源突然传统能源突然没了，新能源突然产生了，一定是未来是此消彼长的。当然这个时间会很长，但是我们必须一个新的产业的发展，必须要经过20年和30年的逐渐的培育，不断的研究，不断的进步才能产生。我们很难想象现在什么都不做，到30年成熟的时候，突然我们就可以成为里边的主体成分，这样才是我们做百年老店的一个核心思想。所以现在要不要做，一定要做，但是要这个有效率的做，要高质量做，这是我回答大家的，就是对未来新能源的未来发展的一些我们一些思考，谢谢。 Let me comment on new energy development. In the long run, definitely we will still focus on our oil and gas business because that is our core. And so the volume for new energy for the time being will be less. But just now you asked this question about new energy development. I'm sure it actually comprises a number of sub-questions. For example, why do we want to do new energy business? How are we going to do it? Are there more pros or cons in doing new energy business and what are the impacts? So at present, if you talk about the year 2025 for new energy resources, we have got a plan about 500-1,000 million kWh. We already have that resources in place. This is according to our plan and schedule. And for example, we are developing offshore wind power. We have projects in Hainan and also the Lufeng Clean Energy Development Project, which had already started the operation. And we believe that next year power generation will start. And then when it comes to onshore, onshore wind and solar power projects, the strength is that we have our own distributed PV system. So in this way, we are able to make our electricity greener instead of using the externally generated electricity. Of course, when we consider a certain project, whether or not we are going to invest and develop it, we have our own investment requirements and thresholds. No matter whether it is oil and gas projects or new energy projects, it has to be able to pass our internal investment threshold and requirement. And we are doing, we will continue to do more technological innovations in relation to offshore wind power development so as to drive down cost. In the long run, if you ask whether or not we are going to or we should develop new energy business, definitely. Why? The reasons are as follows. For traditional energy, now we are trying to make use of new energy business developments to make things greener, to achieve green transformation. The important point is that there will be synergy with our existing core oil and gas business. So we can make use of the green energy to make our production cleaner, overall speaking. It can also replace thermal power and also power generation by using oil. The overall yield and benefits for the oil fields will also be enhanced, and electricity tariff will also be cheaper. We believe that there are also benefits in the development of new energy business. However, we are not going to blindly strive for scale and volume, even at a loss. If there is no appropriate project, then we will just stop doing that business for the time being. It is very important for us to look for appropriate projects in which there may be a certain kind of monopoly or a kind of moat so that we can enjoy more benefits arising from that. We hope that it is going to become our second growth curve for our business development. We are not going to develop for the sake of development. We definitely will not be striving for volume increase without other consideration because we believe that quality development is even more important. We'll continue to do more R&D. When it comes to global new energy development, we will make sure that our company will take part in it so that in the coming 10-30 years, when there are more and more new energy development in the world, we won't be left behind. We will still have an important place in the process. After 30- 50 years in that process, we believe that it is going to be a gradual phasing out process. So that means traditional energy sources like oil and gas will not all of a sudden be phased out. It is going to be a gradual process, one up and the other down and so on. So the above answers the question about new energy development, whether we should do it and how we are going to do it and the pros and cons. Thank you. Thank you. [Foreign language] 最后一句，最重要的，也是大家最关注的话，我要放在最后讲，就是在我职业生涯可见的范围内，这个石油天然气产业依然是中海油最核心最中心的，其他的这些新能源无论如何发展不会影响这个产业发展。这一点呢，在中海油半年工作会上，船江董事长做过一个主题报告。报告呢，工作会后边的工作的第一项内容就是油气这个产业是我们最核心最重心的，这一点请大家放心啊，不要担心，谢谢。 Now let me add a point which is also the most important point. In my career of my life, we want to emphasize the point that oil and gas will remain the most important and core business for our company no matter how other businesses like new energy development is going to thrive. Now, new energy development definitely will not affect our oil and gas business. So this remark was already made by our board chairman in his recent report that oil and gas will remain the core and most important businesses for our company. Thank you. The first question was taken by Ms. Mu Xiuping, CFO of the company, and Mr. Lin Boqiang, Independent Non-Executive Director of the company, respectively, and the second one was taken by Mr. Yan Hongtao, President of the company. [Foreign language] 我们的第一条问题的回答是来自于首席财务官穆秀萍女士以及独立非执行董事林伯强先生。第二条问题的回答是来自于公司总裁严洪涛先生，谢谢。好，我们欢迎下一条提问。 Second question. The lady in the second row. [Foreign language] 管理层好，谢谢给我这个提问的机会。我是众英国际的戴东云，我这边有一个关于投资损益的问题。今年上半年我们这一块亏损了大概13个亿左右，想问一下这背后的原因是什么？是不是因为我们阿根廷那边的合营公司有亏损，然后阿根廷如果亏损了的话，它背后的原因是什么？谢谢。 My question is about investment gain or loss. In the first half of the year, there was a loss of RMB 1.3 billion. What are the reasons behind that? Is it related to the loss incurred by the JV in Argentina? If there indeed is a loss by the Argentina JV, what are the reasons behind? Thank you. [Foreign language] 穆秀萍女士来回答这个。好，感谢您对我们财务数据的一个关注。那么就像您所说，上半年，我们确实是对联营公司有一个这个投资损失在报表里边。那么这个确实就是您说的，我们有一个BC公司，那么主要就是在阿根廷的这个股权投资。我们这个投资，是拥有50%的这样一个股权。这家公司，我们投资了这家公司，因为它是一个非上市的公司，它这个年报的公布，就是这个是在下一年才今年5月，就是今年的上半年才出来整个经审计的这样一个报告。那么它对去年的年度，有进行了一个报表的审计，重估等等。那么我们是按照会计准则，按照它的账面的这个经审计后的利润进行了一个账务的处理，就是对它去年的这个投资进行了一个处理。所以今年完成，是一个确认了投资损失。这整体上就是它的一个基于当前的环境运营的一个结果，我们进行了一个财务报表的一个追溯，那就是这样一个记录，整体上是符合会计准则的，这也不存在一个长期的一个损失问题。 As you mentioned, in the first half of this year, there was a loss suffered by JV and associates company, mainly with the BC Company that is in Argentina. We hold 50% equity or shareholding in that company. That company is not a listed company. The publishing of their annual report actually happened in the first half this year. They have published their audited report already, and there was the revaluation and also audited results for the previous fiscal year. So all these reporting is done in accordance with accounting standards, and based on their audited profits, the number is being recognized and reflected in our own financial statements. And it is true that there is an investment loss being recognized. However, it is based on the actual operating results and the prevailing market environment, but it is not going, it is not a long-term loss. And this reporting is done definitely in accordance with the accounting standards. Thank you. This question was taken by Ms. Mu Xiuping, CFO of the company. [Foreign language] 这条问题的回答是来自于公司首席财务官穆秀萍女士。好的，我们下一条问题是来自于线上的UBS的郭一凡，请继续您的提问。 [Foreign language] 感谢管理层的提问机会。我是瑞银证券的郭一凡。我想请教两个问题。首先先恭喜公司二季度非常亮眼的业绩。我第一个问题想问一下天然气这一面，我们看到我们天然气增长非常强劲。 刚才严总也介绍了，就未来可能随着就是南海渤海，包括海外国家的Guyana，气还是会保持一个强劲增长。那我想请问一下关于市场端这块，因为我们看到特别今年就随着这个国内天然气增速一个放缓，沿海地区的天然气销售竞争也是比较激烈的。所以未来我们在下游市场开拓上面有哪些的一个措施和一些战略。第二个问题，我想请问一下关于我们产量资本开支，我们了解公司也正在编制十五的规划，年初也给了未来两年一些产量的增长的一个目标。我们想请问一下，就能不能给我们一个大概的一个方向，就从事务角度或者是未来5到10年角度，公司关于整个油气产量的一个增储上产，还有一个资本开支的一个大的方向指引。谢谢管理层. I have two questions to ask. Actually, first of all, I would like to congratulate the company on the outstanding results. My first question is about natural gas. So we see that the growth in natural gas is very strong in the future. So I understand that, as you have said earlier, there is the increase in production in the South China Sea area project, the Bohai area project, as well as overseas Guyana project. So is it going to, can we anticipate also strong growth in natural gas in the coming period? And if you talk about the coastal area sales of natural gas, it is very strong. In terms of your downstream market development strategy, what strategy have you put in place? Then my next question is about the direction of CapEx and also your oil and gas production volume guidance. So, well, you have already mentioned your production volume growth targets earlier, but can you give some more concrete direction, especially in terms of CapEx and actual numbers in relation to oil and gas production volume growth? Thank you. [Foreign language] 好，我来回答一下这两个问题。一个是关于天然气的这个市场价格趋势的问题。上前边我已经说过，这个天然气的市场价格受多重因素影响，它是波动的。没有人能准确地说在某个每一年、某个年、某个时间段到底是多少钱。它是一个多维度影响的波动的一个结果，也是一个多维度的一个博弈的一个结果。但是从总体来看，对于我们在国内市场来讲，因为中海油的这个就目前来讲，我们主要天然气还是在国内为主，在国内销售为主，我们认为是一个基本稳定的态势。但是从更长远一点的角度来看，国际的LNG的这个价格可能会有下降的趋势。但实际上大家如果在这个行业时间看，就我们现在国际的这样JKM的这个价格是比国内的价格低的。它逐渐逐渐可能会向国内的价格这么一个趋向的这么一个，甚至于在未来发展到一定程度。这当然与国际相类似于比方说我们国际的某些特别的事件的这个发展的进程有关系，也确实不能非常准确的。中海油为什么对我们国内价格的稳定有一定的自信，是因为我们有一些天然气在销售上一些特别的安排。我们有非常专业的公司做市场的这种开拓市场最佳价值的发现和市场这个广度的一个保证。上市在中海油内，除了我们自产气之外，我们还有比较大的一个LNG的进口的一个市场空间。如果未来市场这个有一定的这种风险的时候，我们给予这个开拓市场这个公司有一个基本的任务，就是保产保供。它要把自己的LNG的这个市场空间要让出来，让给我们的保证我们国内的这个天然气的这个气田的正常的生产。这是一个我们比较特别的安排。这我觉得很多的我们发现很多的公司也在向我们学习。另外天然气我们依然作为一个长期的战略的发展的一个方向，是因为气田和油田不同是什么呢？虽然它的经济价值效益会比油田差一点，但是天然气田的稳定生产期非常长，基本上没有递减，而且采收率非常高，基本上都在50%以上，高的会达到60%和70%。国际上最高的就有80%的都有，咱们国内的基本上50%是没有问题，而我们的原油通常来讲是30%左右，高的像我们也就达到50%。就是从长远来讲，它对我们整个的财务状况的稳定性是一个起到一定的基石的作用。我给大家分享这几点，谢谢。 Let me comment on our natural gas business. So you asked about the trend of natural gas market price. There are a lot of factors affecting that, and well, we have seen fluctuations and volatility in the natural gas market price, where no one can be very accurate in predicting the price level because there are so many dimensions and factors impacting it. Basically, if you look at our natural gas business, we basically focus in the domestic market, that is our main market. And so far, we have seen a stable trend. In the long run, we believe that international LNG price will decline gradually. And right now, international price level is lower than the domestic price level, and gradually we believe that the two prices are going to somewhat converge. In the international market, of course, there are a number of related incidents that will affect the trend, the price trend of the international market. For the domestic price, it is more stable for us, mainly because of our very unique sales arrangement. We have a professional company that is able to have a mechanism to find the best market price. And at the same time, we can ensure a certain breadth of the market. So besides for LNG, we have also got some room for import of LNG into the market. So we have a mechanism to ensure production and ensure supply. So when there are anything, any incidents or any matters related to the market, then a priority has to be given to the gas fields in China for production. So right now, given this very unique mechanism, many other peers and other companies would like to learn from our approach. When it comes to natural gas, the natural gas field and oil fields are very different. For natural gas, the economic benefits are inferior to oil fields. However, the development cycle is usually longer, and in fact, there is no decline. If you look at the recovery rate, usually for natural gas, it is higher than 50%. Very often, it can go to 60%, 70%. In overseas, it can be as high as 80%. However, for crude oil, usually the rate is 30%. In better cases, like our company's rate, it can be 50%, but still lower than natural gas. So basically, these are the details in relation to our natural gas business development. [Foreign language] 我给大家汇报三点。第一个，资本开支，跟大家都认为资本开支，拿资本开支来看未来公司的发展，这也的确是，就是这么一个情况。关于资本开支呢，第一点呢，它是一个波动的，不是完全稳定的。就是每年的情况，不同的油田会有不同的特点，会有一些波动。那就是在一定范围内的波动，甚至就比方说我们今年上半年和去年相比，我们略有下降。这不是我们有意安排，也不是说这个我们手里的这个资源是不是减少了，不是，是因为我们某一些油田在某一年偶然的一些偶然因素影响。比方说，今年我们一些油田的开发就离我们的航道非常近，或者在航道里边，这些呢，在安全上需要我们做更多的工作。我们在给国家相关部门汇报上会做更多的说明，你怎么来保证安全嘛？对国家的这个航道安全是个影响，对我们自身也是个安全影响。我们要会要做更多的工作，所以这个时间会稍微长一点，稍微长一点。一旦这个项目批完了之后，我们的迅速的这个资金会上来。大家会看到，我认为我自己感觉下半年我们会这个资本投入的这个强度速度会比上半年会略有提升，每年会波动。这是第一个，当然大的波动反映的是这个问题，小的波动大家不用紧张。这是第一点，我想说的。第二点，在国内，中长期来看，我们的投资可能是稳中有增。第一个是原油的投入肯定是不会降，原油和天然气，因为呢，我们要维持我们的产量的稳中有增，就必须每年要发现3亿吨以上的这个原油和1000亿方以上的天然气。我们要把这些资源变成油田，你每年就要开发这么多，每年大概我们有1000万吨的产能的建设，你就要投资这么多。你这些投资进去以后，进度必须要有一定的把握，才能变成当年的实际的产量，才能是加入到我们整个产量中来。就是说我们整个的大的这张列车往上走，这些工作量是必须要维持的。你不维持，啊，是你整个整个大的这个什么，你保证不了，我们一定是这么玩。这是在国内，国内如果加上原油的话，再加上我们新能源的一些投资上去，啊，中长期来看，啊，有波动，但是基本上稳中有增的概念。这是第二个我想说的。第三个是国际上，国际上我们还是希望我们有机会能找到更多的投资机会，但是这种投资机会不是我们预期想找就马上能找到的。我们希望能找到更多的机会，一旦有机会的话，我们的投资肯定上去的，但是如果找不到机会的话，所以这一块我不敢给大家承诺，但是我们是这么一个努力方向，给大家汇报三点。 You asked a question about CapEx. Well, of course, people will look at CapEx to gauge a company's future development. In relation to CapEx, it is a volatile concept. It is not constantly steady. So there are volatility. And there are fluctuations at different oil fields as well. In the first half of the year, if you talk about our CapEx, it is lower on a year-on-year basis. However, this is not something that we are doing intentionally. This is not a result of our lessened resources. There are some coincidental factors. For example, in this year, there are a number of operations which are quite near to navigation routes. So as a result, we have to do more safety work. We have to convince the authority that our operations are safe, both for the navigation pathways as well as for ourselves. So the time required is longer as a result. In the second half of the year, we believe that CapEx is going to be bigger than in the first half. However, as I said, there will still be fluctuations. If there are big volatility or fluctuations, then that may be a problem. However, you don't need to worry at all about small fluctuations. And then if you turn to the medium to long term within China, well, as we always emphasize, we have to maintain growth in both our production volume of oil as well as gas. So production volume, for instance, for oil will have to be capped at 300 million tons, and for gas, it will be like 10 billion cubic meters of volume. So in other words, we have to make sure that we can invest in production capacity of, for example, 10 million tons a year so that some capacity can be reflected in the prevailing year production volume. Again, there will be fluctuations and volatility. And if you turn to the international markets, we hope that there will be investment opportunities. However, it is not true that we search for such opportunities, then those opportunities will arise. So we will capture opportunities when they arise, but we can't promise. All right, thank you. This question is taken by the President of the company, Mr. Yan Hongtao. [Foreign language] 这条问题的回答是来自于公司总裁 Yan Hongtao 先生。好的，我们欢迎下一条提问。好，第一排这位先生。 [Foreign language] 你好，我是明报的记者。请教一下，就是刚才你们都提过了，就是在海外还正在留意一些新的机遇。在这方面你们有没有特定的要求，例如就是地区、规模，有没有一个特定的想法？还有今年呢，我们留意到就是海上的台风都比较多，会不会对你们的生产有一个影响？你们在这方面我知道你们都有一个工作已经做了很多了，但是还是不是要强化这一块呢？第三就是一个，因为你们都提过就是在博中就是用三年多有一个田，就是可以从发现到生产用三年多已经可以了。再来有没有类似的机遇呢？ Three questions regarding the overseas business. You mentioned just now that you will pay attention to potential new opportunities. So do you have any specific requirements in relation to the location, that is the region where the opportunities are in, and also the scale? Second question, this year there are quite a lot of typhoons offshore, and has there been impact on your production? Are you going to strengthen your measures or approach in face of that? The third question is about the oil field and project in Bozhong. You mentioned in your presentation that it only took three years for it to go from discovery to production. So in the future, do you think that there will be similar operations or projects that we will see? Thank you. [Foreign language] 这个我来向大家汇报一下。关于海外发展这块呢，我们确实这个方向是基本确定的，但是具体的数据呢，这个我们正在编制我们公司的十五五规划。这个现在我个人也不便于太多透露。第二个呢，就是关于台风这个问题呢，你看你很专业。我曾经在一线干过很多年，这个避台这个我也亲自指挥。后来我们做了很多的这个技术上的应对台风的一些工作。现在呢，我们大部分的南海的油气田都有自动化，就都有这种远程的避台模式。从技术上，目前呢，就是台风来了以后的损失，我们基本上可以降到之前的一半，可以降低到原来的50%左右。另外呢，今年我们在我们的总产量上已经安排了大约30多万吨、40万吨的一个台风损失，在我们的产量这个既有的范围之内了。就是如果台风影响这么多，不会影响我们给你们预告的那个数据的实现。我们每年统计过去十年台风整体对我们产量的影响，我们每年做计划的时候，把这个影响就算到我们预算中去了。如果它影响这么多，我们就是正常的，我们给大家报的那个预期产量就是影响是0的。如果超过那个，你会看到我们总产量会受影响。如果低于那个，你会看到我们的产量反而会增加。我们是这么安排的。关于那个油田三年，我们从发现到生产了。之所以我们提这个，这一定是这个项目是我们做的最好的。我们确实难以保证所有项目都能做到这个，但是我们所有项目都是这个目标。这里边呢，我们是有迹可循的，不是全靠运气的。这里边呢，其主要作用的呢，就是我们的标准化设计。因为有了标准化设计呢，我们在设计阶段就降低了三到四个月。在涉及到一定程度的时候呢，我们会提前启动一些远期采办工作，使我们的采办到位之后呢，我们的提前的一些主要的这个建造工作的准备工作会提前启动。这个过程呢，又为我们节省了大概六个月的时间。所以整体上就是我们一个项目由发现到投产，比我们以前的时间，最少缩短了这个八个月左右的时间，是这么一个情况。但是不是所有项目都能达到八个月，这与这个油田的规模、油田所需要的设备的这个长线采办的时间，还有一个呢，就是打井工作量的多少有关系。如果井如果要打得多的话，它可能就要时间长一点。如果打得少的话呢，可能时间就会短一点。但是这个努力的方向，我们不断地缩短这个时间，提高我们的效率。我们叫双轮驱动，一手抓技术的创新，一手抓管理的不断地去精益求精。我们叫精益化管理，我们有专班是精益化管理，两手一块抓，不断地通过提质增效。其实最主要的目的还是降低我们的抬油成本，我们主要的最终的这个五项成本。谢谢。 First question, when it comes to overseas development, well, this direction is certain. So regarding the 15th Five-Year Plan, we are in the process of formulating that plan. So at this moment in time, I am not in a position to disclose too much detail and information regarding the 15th Five-Year Plan. And then your next question is concerning typhoon. You are very professional in your observation. Well, I have been working for many years in the past on the front line, and I am aware of the arrangement about suspending the operations of some rigs or platforms. Most oil fields and gas fields along the South China Sea are equipped with the remote arrangement of suspension of platforms in case of typhoon. Comparing with the past, we have already reduced our loss by 50% in terms of typhoon. This year, we have already provided for 300,000-400,000 tons of production volume in relation to typhoon impact. This will not, as a result, the typhoon occurrence will not affect the forecast that we have already given you. If the situation is better than what we have already budgeted, then our production volume will actually increase and vice versa. We have monitored the situation about typhoon in the past 10 years and the associated impact. All these have been already provided for in the budget. You talked about an oil field, which we are able to only spend three years to bring it from discovery to commencement of production. This is, of course, the best case that we are sharing with you. It is difficult for us to guarantee that all the projects will be able to achieve this very good standard. However, this is also our target. We are not relying on simple luck to achieve that. We are trying to move towards this result by putting in place standardized design. By having standardized design, we are able to shorten the lead time by three to four months. Given this shortened period, we are able to advance our procurement work as well, and also we can do earlier preparation work for production. By doing that, we can further shorten the lead time by six months. So now we are trying to gradually achieve a shorter lead time in production commencement. Overall speaking, we can shorten the process by around eight months, but this is not achievable by all projects. It is just what we have been putting our effort in. And for the oil fields situation, a very important point that we are trying to do is about better procurement effort. In this way, we can enhance our efficiency. And then we are doing technology innovation as well as lean management. These are two wheels that drive efficiency improvement. So as such, we can enhance our quality and efficiency. The ultimate goal is to lower our all-in cost. Thank you. [Foreign language] 台风影响我们的总产量大概25万吨左右。这个今年的这个夏季基本上快过去了。我们现在一直在密切地关注秋季台风的这个发展的这个趋势。我们一点也不放松。我的预期呢，今年台风的这个整体的影响应该不会对我们全年产量目标的影响造成这个实质性的影响。我们应该能够，我自己是有这个信心完成全年的产量目标。 The impact of typhoon on our production volume is around 250,000 tons. This summer is going to be over soon, and we are now monitoring the situation about typhoons in autumn. We will not relax our efforts. This year, we believe that there won't be an impact on our actual production volume. We have confidence to maintain our production volume target. Thank you. Thank you. This question was taken by Mr. Yan Hongtao, president of the company. [Foreign language] 这条问题的回答是来自于公司总裁 Yan Hongtao [Foreign language] 先生。好的，女士们，先生们，我们今天的会议到此结束。再次感谢各位的参与，期待很快再见到大家。 Ladies and gentlemen, this concludes today's presentation. We thank you very much for attendance and hope to see you very soon. Thank you. Thank you.