(EnergyAsia, March 28 2011, Monday) — PetroChina Co Ltd expects to raise its crude oil production by two million tonnes and natural gas output by 5%-10% this year, said chairman Jiang Jiemin.
On the other hand, China’s second-biggest refiner said its refining business has been suffering losses since the start of the year as a result of crude oil prices rising above US$90 a barrel.
Mr Jiang also disclosed that Asia’s largest oil and gas producer is looking to sign new deals to import liquefied natural gas (LNG) to feed China’s growing economy. It is looking to acquire unconventional gas assets and oil sands assets in North America.
China National Petroleum Corp (CNPC), PetroChina’s parent, plans to produce a record of more than two million barrels per day of oil equivalent (boed) this year from the fields it operates overseas. That would be up 15% from last year’s production of 1.73 million boed.