Bloomberg News

CNPC Raised Overseas Oil, Gas Output by 15 Percent in 2011

January 09, 2012

(Adds overseas expansion plans in third paragraph.)

Jan. 9 (Bloomberg) -- China National Petroleum Corp., the nation’s largest energy producer, raised its overseas oil and gas output by 15 percent in 2011 from last year.

International oil and gas production from fields outside China climbed to over 100 million metric tons last year, or about 2 million barrels a day, CNPC said today on its website. That’s up from 2010’s 86.7 million tons. Output adjusted for its ownership stake was 51.7 million tons in 2011, according to the statement.

CNPC aims for international production to reach 200 million tons and account for 50 percent of its total output by end of 2015 to help meet domestic demand. PetroChina Co., its listed unit, plans to spend at least $60 billion this decade on takeovers outside the country.

The company will continue to expand oil and gas cooperation beyond the nation’s borders amid efforts to build the equivalent of a Daqing oilfield overseas, chairman Jiang Jiemin said in the statement. That area, the company’s largest, produces around 40 million tons of crude a year or about 800,000 barrels a day.

CNPC signed an agreement on Dec. 28 to develop Afghanistan’s Amu Darya basin in December which will have an initial investment of about $400 million and country’s government says it may yield about $7 billion in profits.

--Jing Yang. Editors: Christian Schmollinger, Paul Gordon

To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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