BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 0857; NYSE PTR) expects to produce 124.18 million tons of crude oil and natural gas, or 918 million barrels of oil equivalent (BOE) this year, up 5.2% from 872.4 million BOE a year earlier, the Shenzhen-based Securities Times reported.

The newspaper quoted PetroChina president Chen Gen as saying the company’s return on capital is expected to reach 17% this year. No comparative figures were given.

He said the company will pursue more overseas crude oil exploration projects, and is planning to increase its crude oil and natural gas output by 5% annually.

Mr Chen said the company will further explore overseas markets and establish crude oil and natural gas production and refinery bases abroad.

PetroChina will also try to increase the proportion of retail finished oil products to its overall sales and expand sales of petrochemical products, he said.