27  February  2020

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 Infopetro -> Industry in Focus

China's CNPC Says H1 Overseas Equity Oil, Gas Production Up 7.3 Pct


China National Petroleum Corp (CNPC) said its first-half overseas equity oil and gas production rose 7.3 percent from the same period a year earlier, with profit from those operations increasing "substantially".

The state-owned company, China's biggest oil and gas producer, said on its website that its share of January-June output at overseas projects in which it has investments came in at over 47 million tonnes of oil equivalent, or around 1.9 million barrels of oil equivalent per day.

The period saw CNPC's listed unit PetroChina,, whose domestic oil output is declining, ship in its first equity crude from the sub-salt Ribera project in Brazil, and lift the first barrels from two 40-year offshore concessions in Abu Dhabi.

It added that construction work on key projects was progressing in an orderly manner. This includes the second phase of the Yamal liquefied natural gas (LNG) project in Russia, from which CNPC recently took delivery of its first LNG cargo in China, and the third phase of the Halfaya oil field in Iraq.

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