PetroChina achieves sound operating results in 2003

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Last updated at: (Beijing Time) Friday, January 16, 2004

PetroChina achieves sound operating results in 2003

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PetroChina Company Limited announced that it had achieved all its production and operation targets in 2003 by taking advantage of high international oil prices and the recovery of the domestic petrochemical products market.

PetroChina produced 774.4 million barrels of crude oil in 2003,including overseas equity oil of 6.387 million barrels, said company spokesman Bi Jianguo on Thursday.

The figures meant an increase of 4.6 million barrels from 2002,up 0.6 percent year on year, he added.

PetroChina maintained rapid growth in the natural gas business.The company produced 691.5 billion cubic feet of gas in 2003, 86.5billion cubic feet more than in 2002, an increase of 14.3 percent.

Bi said the company achieved good results in oil and gas exploration. The new discoveries included five 100-million-ton-grade oil and gas fields in eastern Hebei province in the Bohai Bay Basin, and Xifeng, Jiyuan of the Ordos Basin, north China, as well as the Hurgos area of the Junggar Basin, northwest China.

The new discoveries , noted Bi, laid a solid foundation for stable growth in oil and gas production.

The company's refining and chemical production witnessed sharp growth by optimizing resources allocation and structural adjustments. It processed 621.3 million barrels of crude oil, up 52.3 million barrels over 2002, or a rise of 9.2 percent.

PetroChina produced 18.25 million tons of gasoline in 2003, up 9.7 percent, and 32.76 million tons of diesel, up 12.1 percent.

Bi went on to say that PetroChina had encouraging results in developing key projects in 2003. The eastern section of the West-East Gas Pipeline project began operating successfully, supplying gas to central China's Henan province, and eastern Anhui, Jiangsu and Zhejiang provinces.

On Jan. 1, the pipeline began commercial gas supply to Shanghaias scheduled, Bi said.

Moreover, the welding of the trunk line in the western section was completed, laying a sound basis for completing the whole project by the end of 2004.

In 2003, the company implemented 29 major refining projects and22 chemical projects with 21 projects already completed and operating. It added 2,071 service stations, bringing the total to 15,231.

The company's overseas business continued to grow in 2003. Projects in Indonesia turned out an equity crude output of 7.536 million barrels, while new oil reserves were discovered in the contract area, showing promising development prospects.

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