PetroChina will invest overseas
By Pan Xiaoyi |
May 21, 2010, Friday
|
Print Edition
Print Edition
PETROCHINA Co plans to invest US$60 billion to boost its overseas oil and gas output to 200 million tons annually, the company's President Jiang Jiemin said yesterday, without giving a time frame for the investment.
The investment plan is a part of PetroChina's plan to boost its annual oil and gas production to 400 million tons by 2020. That means half of the company's production is to come from overseas. At present, less than 10 percent of its production is from overseas.
Jiang said the company is considering building a 5-million-ton refinery in Syria in cooperation with Royal Dutch Shell. Later this year, it plans to launch production at an Iranian oil field with an annual capacity of 1 million tons.
Jiang said at a shareholder meeting that the company's performance looks good for the first four months.
"Recent drops in global oil prices will not have a big impact on mid-term performance, which is to be within or better than expectations," Jiang said.
Last month, PetroChinia reported its first-quarter profit jumped 71 percent year on year to 32.49 billion yuan due to higher oil prices and strong energy demand.
PetroChina announced an agreement with Shell and Qatar Petroleum earlier this week to jointly develop a natural gas field in Qatar, in which PetroChina holds a 25 percent stake.
Meanwhile, China National Petroleum Corp, the parent of PetroChina, said it has acquired a 35 percent stake in Shell's Syrian oil production assets, which produced an average of 23,000 barrels of crude per day last year.
As of the end of last year, PetroChina had oil and gas assets in 29 countries with oil production at 69.62 million tons and natural gas production of 8.2 billion cubic meters. The company expects the world's oil consumption to grow 1.2 percent annually from 2011 to 2015.
The investment plan is a part of PetroChina's plan to boost its annual oil and gas production to 400 million tons by 2020. That means half of the company's production is to come from overseas. At present, less than 10 percent of its production is from overseas.
Jiang said the company is considering building a 5-million-ton refinery in Syria in cooperation with Royal Dutch Shell. Later this year, it plans to launch production at an Iranian oil field with an annual capacity of 1 million tons.
Jiang said at a shareholder meeting that the company's performance looks good for the first four months.
"Recent drops in global oil prices will not have a big impact on mid-term performance, which is to be within or better than expectations," Jiang said.
Last month, PetroChinia reported its first-quarter profit jumped 71 percent year on year to 32.49 billion yuan due to higher oil prices and strong energy demand.
PetroChina announced an agreement with Shell and Qatar Petroleum earlier this week to jointly develop a natural gas field in Qatar, in which PetroChina holds a 25 percent stake.
Meanwhile, China National Petroleum Corp, the parent of PetroChina, said it has acquired a 35 percent stake in Shell's Syrian oil production assets, which produced an average of 23,000 barrels of crude per day last year.
As of the end of last year, PetroChina had oil and gas assets in 29 countries with oil production at 69.62 million tons and natural gas production of 8.2 billion cubic meters. The company expects the world's oil consumption to grow 1.2 percent annually from 2011 to 2015.
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