CNPC to speed up overseas expansion

Updated: 2008-01-03 22:17

BEIJING -- China National Petroleum Corporation (CNPC), with 69 cooperative projects developed in 26 countries so far, will strive for new progress in 2008 in overseas oil and gas prospecting to increase reserves under its control.

With advanced technologies and refined prospecting, the country's largest oil and gas producer is confident in discovering new oil and gas fields, as well as accelerating oil output, refining and piping, CNPC General Manager Jiang Jiemin said in a new year address.

The company aims "to maintain a sustainable development of overseas business while keeping a high speed growth in domestic oil and gas output," he was quoted by Xinhua's Shanghai Security News Thursday as saying.

CNPC is in a stage of continued growth in oil and gas reserves, Jiang said, pledging that in five to eight years from now, the company will try to maintain this upward trend.

Its overseas projects have been extended to Africa, Central Asia, the Middle East, America and the Asia-Pacific region.

In 2007 China's oil output was projected to be at 186 million tonnes, up 1.5 percent year-on-year, while 47 percent of the country's oil consumption relied on imports.

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