CNPC’s Overseas Investment Totals Nearly 60 Billion Yuan

CNPC’s overseas investment totals nearly 60 billion yuan

BEIJING, Jan. 17 (Xinhua) — The accumulated overseas investment of China National Petroleum Corporation (CNPC), China’s largest oil and gas producer, came to 59.6 billion yuan (7.39 billion U.S. dollars), the overseas edition of the People’s Daily has said.

Besides, CNPC’s proven oil reserves increased by 1.48 billion tons, and oil and natural gas production capacity reached 50 million tons, the report said on Monday.

The group has established five oil and natural gas production bases in Africa, central Asia, America, the Asian and Pacific region and the Middle East.

The CNPC witnessed a fast growth in overseas oil and natural gas production in 2005, with crude oil output amounting to 35.82 million tons, and natural gas output 4.02 billion cubic meters.