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CNPC Says Overseas Oil, Gas Production Missed Target in 2012

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Jan. 17 (Bloomberg) -- China National Petroleum Corp., the nation’s largest energy producer, said overseas oil and natural gas production in 2012 missed its target.

Output of oil and gas from fields outside China was 104 million metric tons last year, or about 2 million barrels a day, the Beijing-based company said today in a newsletter. That’s little changed from a year earlier and more than 15 million tons less than annual target, CNPC said.

“In 2012, due to geopolitical effects and political instability in resource countries, there was a production gap of over 15 million tons for the entire year,” CNPC said in the statement, without specifying which countries or events it was referring to.

CNPC’s share of production was 52.4 million tons, 1.4 percent more than 2011, it said.

The company’s global oil and gas trade volume increased 19 percent to more than 300 million tons and trade value rose 20 percent to $230 billion, according to the statement.

To contact the reporter on this story: Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

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

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