China CNPC’s overseas oil, gas output rose 4.2 pct in H1

Jul 29, 2016 12:00 AM

China National Petroleum Corp (CNPC) said on Thursday the group’s overseas equity oil and gas output gained 4.2 percent in the first half of this year versus a year ago despite a deep cut in investment.

The state energy group, parent of Asia’s top oil and gas producer PetroChina, reaped 38.94 million tonnes (1.56 million barrels per day) of oil equivalent of equity production during the period, CNPC said in a report on news.cnpc.com.cn.

Projects in South Sudan and Peru recorded the best profitability due to cost-cutting measures, CNPC said.

CNPC also started up new oil production at Iran’s North Azadegan field on April 19, and pushed forward with key projects such as Yamal LNG in Russia and the third phase of a Turkmenistan natural gas development, CNPC said.

The start-up of the North Azadegan field – operated by CNPC and with first-phase output estimated at 75,000 bpd – would see the Chinese firm lifting more Iranian oil in the third quarter, a Beijing-based Chinese oil official told Reuters in June.

The group also struck high-yielding oil flows at test wells in the ultra-deepwater Libra exploration project in Brazil and at block 6 in Sudan.

To cope with low global oil prices, CNPC managed to cut spending on overseas projects by 36 percent in the January-June period compared to the same six months last year.

CNPC also said it had started contingency plans in Venezuela after five months of social unrest, although it gave no details on the measure being taken. CNPC is one of the top oil and gas investors in the South American nation under a massive oil-for-loans deal.

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