Chinese Petroleum Company Profits Up In First Half

BEIJING, July 29 (Xinhua)-- China National Star Petroleum Corporation (CNSPC) had 195 million yuan (23.5 million US dollars) in pre-tax profits in the first half of this year, a 51 percent increase over the same period of last year.

The company was established two years ago and has had annual growth of over 20 percent. By the end of June, the company's revenues amounted to 2.489 billion yuan, a 36.77 percent increase from the same 1998 period. Industrial-added output value was worth 1.103 billion yuan, 36.4 percent more than a year ago.

During the first half of 1999, CNSPC found oil at 14 wildcat sites and discovered six oil and gas structures. Breakthroughs were made in the Luenpola Basin in Tibet, in the Tarim in Xinjiang, in the Songliao in northeastern China, and in the Sichuan Basin.

At the beginning of July, the company had commercial crude oil flow of 150 cu.m. in the Luenpola basin, which has reserves of 10 million tons.

The company has found proven crude oil reserves of 67.18 million tons in the Tarim Basin. It plans to build up another medium-sized oilfield in the southern Songliao, which has an oil- bearing area of 12 sq. km.