China National Petroleum's Overseas Oil, Gas Output Rises on Discoveries
China National Petroleum Corp., the country’s biggest energy producer, said new discoveries increased its overseas crude and gas output to about 85 million metric tons this year.
Overseas crude production rose 16 percent a year on average between 2006 and 2010, while overseas natural gas output gained 21 percent annually, CNPC, the parent of Hong Kong-listed PetroChina Co., said in its on-line newsletter today.
PetroChina has pledged to step up acquisitions and expand cooperation with global oil companies to help meet rising domestic demand. CNPC’s overseas crude output was 70 million tons last year while gas production reached 8.2 billion cubic meters, the state-controlled company said in January.
Oil processing at CNPC refineries outside China reached 10.1 million tons, unchanged from 2009, the Beijing-based company said today. Overseas crude refining volume climbed 2.6 percent a year on average between 2006 and 2010, CNPC said.
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