PetroChina lines up $60b to boost overseas oil, gas output

BEIJING - PetroChina Co, the nation's largest oil and gas producer, will invest $60 billion to increase its overseas oil and gas output to 200 million tons every year, Chairman Jiang Jiemin said on Thursday.

Jiang told reporters that the company's overseas oil and gas cooperation areas would be focused on Central Asia, the Middle East, Africa, the Americas, and the Asia-Pacific.

The chairman, however, did not indicate the time frame of the $60 billion investment. Earlier media reports said the investment would be made over the next decade.