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PetroChina overseas field output up

(Shanghai Daily)
Updated: 2007-01-23 14:27

PetroChina Co said today that crude oil it produced abroad jumped to 54.6 million tons last year.

The total output almost amounted to the equivalent of the annual output in the northeast Daqing field, China's largest oil field, Xinhua news agency reported.

Related readings:  PetroChina output up 5.2 percent  Energy giants plan output hike China begins to exploit largest gas field

Crude oil production from overseas bases fully or partly owned by PetroChina rose 52.4 percent to 54.6 million tons in 2006, and the natural gas output jumped to 5.7 billion cubic meters in 2006, according to a PetroChina's statement.

From its jointly owned fields, the company produced 28.07 million tons of crude oil and 3.8 billion cubic meters of natural gas last year.

"PetroChina was operating 65 projects in 25 countries, with newly-proved oil reserves hitting 65.4 million tons last year," said Jiang Jiemin, the General Manager of theBeijing-based company.

"We are offering technological help to at least 48 countries in Africa, middle Asia, the Middle East, South America and the Asian-Pacific region," Jiang said.

PetroChina's selling price for crude averaged at US$59.76 a barrel in 2006, up 23.6 percent from a year earlier, while the average natural gas price was US$2.46 per thousand cubic meters, up 16.6 percent.

The company said in a previous report that it had overtaken US giant Chevron and France's Total to become the world's seventh largest oil company.

The ranking was compiled by the US-based Petroleum Intelligence Weekly on the basis of six indexes including oil and gas reserves, oil and gas output and sales volume.