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People's Daily Online>>China Business

Sinopec eyes doubling in equity crude production

By Fu Chenghao  (Shanghai Daily)

08:40, January 06, 2012

China Petrochemical Corp aims to more than double overseas equity oil output by 2015 as the nation's second-largest oil producer continues to boost its presence globally

Also known as Sinopec Group, it plans to produce more than 50 million tons of equity oil from overseas projects by 2015, or 1 million barrels per day, up from 22.88 million tons last year, according to a newsletter yesterday.

During the first 11 months of 2011 China's total crude imports totaled 5.07 million barrels per day, according to customs data.

Equity oil refers to the output a company is entitled to in certain projects under production sharing agreements with partners. This year, Sinopec aims to gain 27 million tons from such output.

Sinopec Chairman Fu Chengyu has led a spending spree since taking the position in April last year, buying energy assets in countries from Australia to Brazil and the United States.

Earlier this week, Sinopec agreed to invest US$2.2 billion for a one-third stake in five emerging oil fields in the US operated by Devon Energy Corp as it made its first foray into the America shale sector to seek growth in the unconventional fossil fuel business.

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