PetroChina, the internationally listed arm of China's top oil
producer, witnessed record high output last year and vows to invest
more in exploration and production this year.
The Hong Kong- and New York-listed company said in a public
statement yesterday that its production of oil and gas hit a record
high of 1.062 billion barrels of oil in 2006, up 5.2 percent
year-on-year.
Crude oil output in 2006 rose 6.8 million barrels over 2005 to
829 million barrels, setting another record.
"All of our production and refining statistics from last year
are better than what we expected," Zhang Anping, a press officer
for PetroChina, told China Daily yesterday. "We are quite
satisfied with these results, in terms of production and refining
output."
PetroChina's output accounts for the bulk of production for its
parent company, China National Petroleum Corporation (CNPC). Zhang
also implied that PetroChina's budget for investment this year
might be higher than last year's.
Jiang Jiemin, president of CNPC and PetroChina, said early this
month that in order to secure local oil and gas supplies,
PetroChina will pour as much as 250 billion yuan into exploration
and production in China this year. PetroChina's investment for
domestic oil and gas production hit 200 billion yuan last year,
according to Jiang.
Beside strengthened local efforts, CNPC's investment for
overseas energy production will also be increased. By 2010, the
company is determined to increase its overseas production to 800
million tons of oil, said Han Xuegong, a veteran consultant for
CNPC.
Yesterday China Business News reported that CNPC was
close to a US$3.6 billion natural gas co-development deal with a
Norwegian counterpart in Iran, involving gas exploration and
liquefaction.
Han confirmed that there are negotiations underway, but did not
provide details.
Xiao Desheng, deputy general manager of PetroChina's Dalian
Liquefied Natural Gas (LNG) project, confirmed that his company was
in talks with LNG suppliers in Australia, Iran and Qatar to feed
its proposed terminal in Dalian. He did not say whether the project
in Iran would take the priority or not.
Output of PetroChina's marketable natural gas surged by 23.5
percent year-on-year to hit 1,382.4 billion cubic feet last year.
The firm processed 785 million barrels of crude oil last year, with
a 4.3 percent year-on-year increase. It also produced 2.068 million
tons of ethylene and 3.06 million tons of synthetic resin in 2006,
up 9.5 percent and 11 percent respectively.
(China Daily January 16, 2007)