CNPC sees profit up 30% to US$25b
By Richard Fu |
January 14, 2011, Friday
|
Print Edition
Print Edition
A 15 percent increase in crude prices and its fast-rising overseas production boosted China National Petroleum Corp's profit by 30 percent last year.
The company's profit rose to 167.6 billion yuan (US$25.4 billion) last year from 128.6 billion yuan in 2009, it said yesterday, without specifying if it was before or after tax.
On Wednesday, CNPC said its overseas oil and gas production rose 13.9 percent to 86.73 million tons of oil equivalent. Yesterday's statement said CNPC, the state parent of PetroChina Co, Asia's top listed oil producer, was entitled to 51 percent of the foreign output.
The company, which operates in about 30 nations, usually partners foreign firms in overseas projects under production sharing agreements.
Output from domestic oil and gas fields reached 163 million tons of oil equivalent in 2010, bringing CNPC's combined output to more than 200 million tons, according to the statement.
Over the next five years, CNPC intends to raise domestic crude output by 2 million tons per year on average, along with a "rapid increase" in the production of gas which analysts have identified as a key growth driver for CNPC's listed unit in the future.
The company's profit rose to 167.6 billion yuan (US$25.4 billion) last year from 128.6 billion yuan in 2009, it said yesterday, without specifying if it was before or after tax.
On Wednesday, CNPC said its overseas oil and gas production rose 13.9 percent to 86.73 million tons of oil equivalent. Yesterday's statement said CNPC, the state parent of PetroChina Co, Asia's top listed oil producer, was entitled to 51 percent of the foreign output.
The company, which operates in about 30 nations, usually partners foreign firms in overseas projects under production sharing agreements.
Output from domestic oil and gas fields reached 163 million tons of oil equivalent in 2010, bringing CNPC's combined output to more than 200 million tons, according to the statement.
Over the next five years, CNPC intends to raise domestic crude output by 2 million tons per year on average, along with a "rapid increase" in the production of gas which analysts have identified as a key growth driver for CNPC's listed unit in the future.
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