CNPC's Oil, Natural Gas Output Grows in 2005
Posted on: Saturday, 14 January 2006, 09:00 CST
CNPC's oil, natural gas output grows in 2005
BEIJING, Jan. 13 (Xinhua) -- Crude oil and natural gas output of China National Petroleum Corporation (CNPC) reached 105.85 million tons and 36.7 billion cubic meters in 2005, up 1.2 and 28 percent respectively, company sources said on Friday.
CNPC's production has reached its maximum level in history, said Chen Geng, CNPC's general manager.
CNPC's revenue and profit in 2005 was 672 billion yuan (84 billion U.S. dollars) and 175.6 billion yuan, up 17.8 and 36.3 percent respectively.
Figures show in 2005, the CNPC found petroleum and natural gas reserves of 570 million tons and 358 billion cubic meters in China, up 10 percent and 78 percent year on year.
During the year, the CNPC refined crude oil of 110.61 million tons, and produced refined oil of 71.14 million tons, up 5.53 million tons from 2004.
In October 2005, the CNPC successfully acquired Canada-based PetroKazakhstan Inc. (PK), which owned 12 oilfields and exploration licenses in 6 blocks in Kazakhstan, with great exploration potential.
Last year, the CNPC signed five overseas exploration contracts, with revenue from overseas oil and gas service jumping 58.1 percent to 29.3 billion yuan, said Chen.
The foreign trade volume of CNPC in 2005 reached more than 20 billion U.S. dollars, he said.
"2005 is a harvest year for CNPC's international service," he said.
In 2006, the CNPC will enhance domestic oil and gas exploration and development, he said, placing a focus on oil exploration in western area.
The CNPC is planning to find petroleum and natural gas reserves of another 500 million tons and 300 billion cubic meters in 2006, with output growing 4.7 percent to more than 140 million oil equivalent, said he.
Industrial statistics show that China imports 40 percent of its total oil consumption. Owing to soaring world oil prices, the country has seen its refined oil price rise five times in 2005.
Source: Xinhua News Agency - CEIS
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