Iraqi field lifts CNPC production

08:28, January 13, 2011      

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CHINA National Petroleum Corp's overseas crude oil and natural gas output rose 13.9 percent last year, boosted by new investments in countries such as Iraq.

From central Asia to South America, overseas output reached a record high of 86.73 million tons of oil equivalent, or 1.73 million barrels per day, in 2010, CNPC said yesterday. That's about 36 percent of China's crude imports last year.

Of the output, crude oil rose 8.9 percent to 75.82 million tons after gaining 11.9 percent in 2009, and gas jumped 67 percent to 13.7 billion cubic meters after increasing 21.8 percent, CNPC said.

The company, the state parent of PetroChina Co, didn't specify how much of the 2010 output it was entitled to. In 2009, CNPC was entitled to about half of its foreign oil production and two-third of the gas output.

Chinese oil firms usually partner with foreign firms in overseas projects under so-called production sharing agreements.

Output at the Rumaila oil field in Iraq, being developed by CNPC and Britain's BP, has passed the 10 percent growth target, the firms said.

Source: Shanghai Daily
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