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China National Petroleum Corporation

CNPC overseas output growth slows to 3.27pc

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Eric Ng

China National Petroleum Corp's (CNPC) overseas production set a record last year, although growth slowed.

The parent of listed PetroChina, the country's largest oil and gas producer, recorded output of 62.2 million tonnes of crude oil abroad last year, the company said. That was up 3.27 per cent from 60.23 million tonnes in 2007.

However, the growth rate slowed from 11.54 per cent in 2007 and 50 per cent in 2006, the year output was boosted by the acquisition of PetroKazakhstan.

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Overseas natural gas production totalled 6.7 billion cubic metres last year, it added, without giving a comparison with 2007.

CNPC did not specify how much of the output it owned, compared with its partners, based on its stake ownership.

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PetroChina owns most of CNPC's oil exploration and production assets, except for those in politically sensitive nations such as Sudan.

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