CNPC: Total Production to Grow Slightly 2.0 Percent in 2012

December 26, 2012

JIANG Jiemin, Chairman of China National Petroleum Corporation (CNPC), disclosed on December 24 that the company’s total production will increase by 2.0 percent in 2012. Affected by the political disputes in South Sudan and Syria, the overseas production of the Chinese oil giant increased at a slower pace.

CNPC said earlier that as of December 17, the company had produced a total of 86.21 million metric tons of crude oil and 17.5 billion cubic meters of natural gas in the oversea market this year. In addition, CNPC’s overseas projects produced 100.15 million metric tons of oil equivalent (TOE) of oil and gas; equity-based production reached 50.35 million metric tons.

UBS report shows that the number of CNPC’s exploration wells increased from 663 in 2001 to 1,640 in 2010. However, the company’s production in the domestic market almost failed to increase.

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