CNPC to ramp up its global output

China National Petroleum Corp has pledged to come up with more than 100 million metric tons of equivalent equity production of oil and gas from abroad by 2020, especially in markets in Central Asia, Russia, the Middle East and Africa.

The overseas equivalent equity production of oil and gas will be equal to that of domestic production by that time, the company said during its 2019 international cooperation conference held in Beijing from July 27 to 28.

The company also aims to further enhance its global oil and gas resource allocation capacity, seeking to elevate its international trade up to 550 million tons by 2020, through further exploration of its overseas upstream business, lowering crude purchase costs, increasing exports of refined oil products and diversifying purchases of liquefied natural gas, it said.