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.