CNPC Overseas Oil, Gas Output Increase 10 Percent in Q1 2019

CNPC Overseas Oil, Gas Output Increase 10 Percent in Q1 2019CNPC Overseas Oil, Gas Output Increase 10 Percent in Q1 2019

The overseas oil and gas production of China National Petroleum Corporation rose 10% year-on-year in the first quarter of 2019.
Production came in at 26.09 million tons of oil equivalent in the first quarter, according to the international branch of CNPC, the country's largest oil and gas producer and supplier, Xinhua reported.
The stable growth of oil and gas output is due to efforts made for enhancing quality, lowering cost and increasing efficiency, CNPC said. 
The firm has announced plans to focus on high-quality development of its overseas oil and gas operations, and reach annual targets. It started overseas production in 1993.
CNPC said its oil and gas production rose by 4.5% year-on-year to 286.35 million tons of oil equivalent in 2018.
The figure, which includes CNPC’s output both at home and overseas, works out at 5.73 million barrels of oil equivalent per day.
The state-owned company said its crude oil processing volumes rose by 4.7% from 2017 to 207.31 million tons, or 4.15 million barrels per day, while refined product sales were up 9.6% at 199.96 million tons. Natural gas sales were up 13.2% at 180.7 billion cubic meters.
It also started this year with strong output and sales in January. The company's Daqing Oilfield, China's largest oilfield in the northeastern Heilongjiang Province, saw crude oil output reach 2.73 million tons, exceeding the monthly target by 0.8%.
The oilfield produced 441 million cubic meters of natural gas, 1.61% above the monthly target.
The company's overseas businesses also realized better-than-planned output in January, with crude oil output totaling 6.79 million tons and natural gas output at 2.75 billion cubic meters.

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