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Major finds boost CNPC oil reserves
By Bi Jian (China Daily)
Updated: 2005-08-24 05:54
The group has also maintained robust momentum overseas, the highlight of
which was Monday's agreed takeover of Canadian-registered PetroKazakhstan for
US$4.18 billion.
 The group has set a target of producing 35 million tons of crude oil and 3.7
billion cubic metres of natural gas this year from its cross-border projects in
more than 10 countries.
From January to June, oil and gas output from CNPC's overseas fields reached
15.63 million tons and 1.9 billion cubic metres respectively, up 9.6 per cent
and 8.1 per cent from last year.
The Beijing-based company discovered proven oil reserves of at least 90
million tons in overseas fields during the six-month period, of which 24 million
tons is exploitable.
It made a net profit of US$220 million from its overseas projects for the
same period, selling US$1.47 billion worth of oil and gas products.
Skyrocketing crude prices on the world market have driven State-owned CNPC's
half-year profit up 37 per cent between January and June, or an increase of 19.2
billion yuan (US$2.3 billion) year-on-year.
China, the world's second-largest energy consumer after
the United States, last year produced 174 million tons of crude oil and imported
122 million tons.
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