BEIJING - Top Chinese oil firm CNPC said it aims to raise oil and gas production by 5 percent annually and maintain an increase in its total investment despite the global financial turmoil, as it hopes to keep its edge in the world's second-largest oil market.
In addition to rising oil imports and domestic coal production, China counts on surging natural gas output to offset slow progress in crude oil production to power the world's fourth largest economy.
Crude oil output is expected to have increased only 1.6 percent in 2008 but gas production may have risen some 14 percent, forecasts show.
China National Petroleum Corp (CNPC), the state-owned parent of PetroChina (0857.HK)(601857.SS), said it saw vast market potential for its development as tightness in domestic oil and gas supplies will persist while the international financial crisis provides an opportunity for low-cost expansion.
It will focus on exploring domestic oil and gas blocks, push forward major refining projects, speed up building oil and gas transport channels in the northwest, northeast, southwest and seaborne routes and improve trunk oil and gas pipelines in the domestic market, Jiang Jiemin, general manager of CNPC and chairman of PetroChina told an annual company meeting.
CNPC will strengthen its business development in overseas markets on the heels of sharp falls in international energy resource and asset prices, and expand crude oil and natural gas trade volumes.
Jiang did not elaborate in the release published on the company's website.
In addition to rising oil imports and domestic coal production, China counts on surging natural gas output to offset slow progress in crude oil production to power the world's fourth largest economy.
Crude oil output is expected to have increased only 1.6 percent in 2008 but gas production may have risen some 14 percent, forecasts show.
China National Petroleum Corp (CNPC), the state-owned parent of PetroChina (0857.HK)(601857.SS), said it saw vast market potential for its development as tightness in domestic oil and gas supplies will persist while the international financial crisis provides an opportunity for low-cost expansion.
It will focus on exploring domestic oil and gas blocks, push forward major refining projects, speed up building oil and gas transport channels in the northwest, northeast, southwest and seaborne routes and improve trunk oil and gas pipelines in the domestic market, Jiang Jiemin, general manager of CNPC and chairman of PetroChina told an annual company meeting.
CNPC will strengthen its business development in overseas markets on the heels of sharp falls in international energy resource and asset prices, and expand crude oil and natural gas trade volumes.
Jiang did not elaborate in the release published on the company's website.
