CNPC: To Double Oil, Gas Output From Joint Projects By 2015
December 08 2009 - 1:51AM
Dow Jones News
China National Petroleum Corp., the nation's top oil and gas
producer by capacity, said Tuesday its listed arm aims to bring oil
and gas production capacity from domestic blocks in cooperation
with foreign partners to over 15 million metric tons of oil
equivalent a year by 2015.
The targeted production capacity by PetroChina Co. (PTR), with a
special focus on advancing coal bed methane projects, would be more
than double the 6.57 million tons of oil equivalent produced from
23 joint oil and gas projects in 2008, CNPC said in a report on its
Web site.
PetroChina, CNPC's listed unit, had signed a total of 61
contracts with 48 foreign oil companies from 12 countries by the
end of 2008.
The domestic blocks covered by those contracts produced a total
of 33 million tons of crude oil and 7.7 billion cubic meters of
gas, according to the report.
Of the projects, the Changbei gas project, a joint venture
between PetroChina and Royal Dutch Shell PLC (RDSB.LN), reached its
production capacity of 3 billion cubic meters late last year, two
years ahead of schedule.
The Dagang Zhaodong oil project between PetroChina and
Australian company Roc Oil Co. (ROC.AU) in the shallow waters of
Bohai Bay has maintained annual crude oil output above 1 million
tons for six years.
PetroChina is also cooperating with Chevron Corp. (CVX) on
developing the high-sulfur Chuandongbei block in Sichuan
province.
-Jing Yang contributed to this article; Dow Jones Newswires;
(8621) 6120 1200; jing.yang@dowjones.com
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