CNPC 2013 Oil and Gas Output at Record on Overseas Production

China National Petroleum Corp., the nation’s largest energy producer, said oil and gas production in 2013 exceeded 300 million metric tons for the first time, as overseas output reached a record.

Overseas production was 123 million tons last year, the state-owned Beijing-based company said in a statement on its website today. Total production was “more than 300 million metric tons,” it said.

CNPC has drawn scrutiny this year amid a government corruption probe that’s snared senior managers at its listed units PetroChina Co. (857) and Kunlun Energy Co. (135) China’s leaders have widened a crackdown on graft, which President Xi Jinping has said threatens the communist party’s grip on power.

“CNPC faced some serious challenges last year, especially after some senior officials were investigated in August,” Chairman Zhou Jiping said in the statement. “Through hard work, we submitted a satisfactory result to the party and the people.”

Changqing oilfield, CNPC’s largest in China, produced 52 million tons of oil and gas last year, or more than 20 percent of the company’s crude output and 40 percent of its natural gas production, CNPC said in a separate statement.

Daqing oilfield in northeast China maintained stable production and its annual output has exceeded 40 million tons for 11 consecutive years, Zhou said.

Crude production in Iraq was 40.7 million tons, while the company produced 13.4 million tons of oil and gas in South Sudan despite the instabilities in the area, according to the statement.

Revenue and profit from overseas operations exceeded expectations set early in the year, CNPC said, without elaborating.

To contact the reporter on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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