PetroChina Company Limited, together with its subsidiaries, produces and sells oil and gas in the People’s Republic of China (PRC). The company operates as a subsidiary of China National Petroleum Corporation. The company engages in a range of petroleum and natural gas related activities, including the exploration, development, production and marketing of crude oil and natural gas; the refining of crude oil and petroleum products, as well as the production and marketing of primary petrochemical products, derivative chemical products and other chemical products; the marketing of refined oil products and trading; and the transmission of natural gas, crude oil and refined oil products, as well as the sale of natural gas. Segment The company operates through Exploration and Production; Refining and Chemicals; Marketing; and Natural Gas and Pipeline segments. Exploration and Production segment The company engages in crude oil and natural gas exploration, development and production. Its crude oil and natural gas reserves are located in China, principally in northeastern, northern, southwestern and northwestern China. The company holds exploration and exploitation licenses for oil and gas (including coal seam gas) covering a total area of approximately 358.1 million acres, including the exploration licenses covering a total area of approximately 329.8 million acres and the exploitation licenses covering a total area of approximately 28.3 million acres. Reserves: The company’s estimated proved reserves as of December 31, 2015, totaled approximately 8,521.1 million barrels of crude oil and approximately 77,524.7 billion cubic feet (Bcf) of natural gas. Exploration and Development The company conducts exploration and development activities in 12 provinces, 2 municipalities under the direct administration of the central government and 3 autonomous regions in China, as well as in certain regions in other countries. Production In 2015, the company supplied a substantial majority of its total crude oil sales to its refineries. In addition, the company entered into a crude oil mutual supply framework agreement with China Petroleum and Chemical Corporation (Sinopec) in 2016 for the supply of crude oil to each other’s refineries. Under this agreement, the company agreed in principle to supply 1.85 million tons of crude oil to Sinopec in 2016. Principal Oil and Gas Regions Daqing Oil Region The Daqing oil region, the company’s primary oil and gas producing property, is located in the Songliao basin and covers an area of approximately one million acres. As of December 31, 2015, it produced crude oil from 40 fields in the Daqing oil region. As of December 31, 2015, the company’s proved crude oil reserves in the Daqing oil region were 1,804.7 million barrels, representing 21.2% of its total proved crude oil reserves. Changqing Oil and Gas Region The Changqing oil and gas region covers parts of Shaanxi Province, Gansu Province, Ningxia, Inner Mongolia and Shanxi Province. As of December 31, 2015, the company’s proved crude oil reserves in the Changqing oil region were 2,186.0 million barrels, representing 25.7% of its total proved crude oil reserves. Xinjiang Oil Region The Xinjiang oil region is one of the company’s four primary crude oil producing properties and is located in the Junggar basin in northwestern China. The Xinjiang oil region covers a total area of approximately 900,000 acres. As of December 31, 2015, the company’s proved crude oil reserves in the Xinjiang oil region were 1,040.0 million barrels, representing 12.2% of its total proved crude oil reserves. Tarim Oil and Gas Region The Tarim oil and gas region is located in the Tarim basin in northwestern China with a total area of approximately 590,000 acres. As of December 31, 2015, the proved natural gas reserves in the Tarim oil and gas region reached 24,270.6 Bcf, representing 31.3% of its total proved natural gas reserves. Chuanyu Gas Region The Chuanyu gas region covers a total area of approximately 2.3 million acres. As of December 31, 2015, the company had 116 natural gas fields under development in the Chuany
petrochina co ltd-a
(601857:Shanghai Stock Exchange)
No. 9 Dongzhimen North Street
Phone: 86 10 5998 6270
Fax: 86 10 6209 9557www.petrochina.com.cn
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