CNPC to raise crude output to 113.75 million tonnes in 2002

China National Petroleum Corp. plans to raise its crude output this year to 113.75 million tonnes, up 1.6% over 2001. That amount includes 7.35 million tonnes from fields overseas.

Jan. 4, 2002

By an OGJ Online Correspondent

BEIJING, Jan. 4 -- China National Petroleum Corp. plans to raise its crude output this year to 113.75 million tonnes, up 1.6% over 2001.

That amount includes 7.35 million tonnes from fields overseas.

CNPC's natural gas production is expected to rise this year to 22.1 billion cu m (bcm), including 700 million cu m from overseas, up from last year's 20.4 bcm, including 570 million cu m from overseas fields.

In 2001, the company's proven oil and gas reserves increased 430 million tonnes and 407.3 billion cu m respectively.

In 2002, CNPC's refinery runs are expected to rise by 0.3% to 84.45 million tonnes.

The company also plans to raise its net profit for 2002 by 10% from 53 billion yuan ($6.4 billion) last year. The 2001 result, which was down 12% from 2000, was due to lower crude prices in the second half.