CNPC to boost overseas oil, gas production

BEIJING - China's top oil and gas producer said Wednesday overseas operations will take a much larger share of its overall output as the company continues to expand abroad.

The China National Petroleum Corp produced around 110 million tons of oil equivalent through overseas operations last year, which accounted for nearly 40 percent of its total oil and gas output, according to statistics released at its annual work conference.

That proportion will rise to 60 percent by 2020, CNPC Chairman Jiang Jiemin told the conference.

In 2012, revenues and profits from overseas business took up 39 percent and 31 percent of the company's total, respectively.

The CNPC will build itself into "a world-class comprehensive international energy company" by 2020, with its domestic output accounting for 60 percent of China's overall oil and gas production by that time, Jiang said.

The company's oil and gas output totaled 278 million tons of oil equivalent in 2012, up 2.8 percent year-on-year, said Zhou Jiping, CNPC general manager.

Zhou said the company will face increasing geo-political and security risks and fiercer market competition in its overseas operations this year.

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