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CNPC Oil, Gas Output Rises 2.8% to 278 Million Tons in 2012

Jan. 24 (Bloomberg) -- China National Petroleum Corp., the nation’s largest energy producer, said oil and natural gas production rose 2.8 percent in 2012, even as overseas output fell short of target.

Total oil and gas output reached 278 million metric tons, the official Xinhua News Agency reported yesterday, citing Zhou Jiping, general manager of the state-owned company. Domestic oil output rose 2.6 percent from a year ago, reaching the highest level since 1998, Zhou said, without elaborating.

Output of oil and gas from fields outside China would count for 60 percent of the company’s total production by the end of the decade, Xinhua cited Chairman Jiang Jiemin as saying. Both Jiang and Zhou spoke at the company’s annual work conference that opened yesterday in Beijing, Xinhua reported.

Overseas output of oil and gas reached 104 million tons in 2012, 15 million tons less than its annual target, CNPC said in a newsletter on Jan. 17. That would leave production from overseas fields accounting for 37 percent of CNPC’s total production in 2012, based on the total figure released yesterday.

CNPC’s overseas production was affected by political instability in countries such as Sudan and Syria in 2012, Zhou said, according to Xinhua. “Geopolitical, security and policy risks will be on the rise in 2013, making it very difficult for CNPC to maintain stable production at overseas projects,” he said.

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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