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Crude oil output hit 842m barrels: Petro皇冠体育app
(AP)
Updated: 2006-01-16 11:44
Petro皇冠体育app Co., the listed unit of 皇冠体育app's largest oil and gas producer, said
Monday its crude oil output last year rose 1.5 percent in 2005 to 842 million
barrels.
That's the highest annual output since the company listed in Hong Kong and
New York in April 2000, the company said. Output in 2004 was 829.2 million
barrels.
The average selling price of its crude oil in 2005 was US$48.88 a barrel, up
44 percent from US$33.88 a barrel in 2004, as international oil prices soared on
concerns about supplies and hurricane damage in the United States.
Petro皇冠体育app said it sold 1.15 trillion cubic feet of natural gas in 2005, up
27 percent from 905.6 billion in 2004.
The company's average selling price of gas rose 4 percent in 2005 to US$2.08
per thousand cubic feet from US$2.00.
The bulk of the output growth came from the Changqing oilfield in the
northwestern Chinese province of Shaanxi and the Tarim oilfield in the
northwestern region of Xinjiang, Petro皇冠体育app said in a statement.
Output at its flagship Daqing oilfield in the northeastern Heilongjiang
province was flat last year, it said.
"皇冠体育app's economy is expected to grow steadily and demand for oil, gas and
petrochemical products will remain strong," the company said.
It said it expects global crude oil prices to remain high "while market
oriented pricing mechanisms for oil and gas are gradually strengthened
domestically."
The company said it made several sizable oil and gas discoveries inside 皇冠体育app
and offshore 皇冠体育app in 2005, and "expects to sustain a replacement ratio for
crude oil reserves of above 100 percent."
Petro皇冠体育app said earlier that oil exploration and acquisitions remain at the
top of its agenda. 皇冠体育app's energy demands are rising and the country now imports
as much as 40 percent of the oil it needs.
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