CNPC invests nearly 60 billion yuan overseas

The China National Petroleum Corporation (CNPC) has gone overseas for the exploration of oil and gas reserves. Its international business, which used to focus on cooperative exploitation, has begun to involve transnational mergers and acquisitions, risky exploration and full-range upstream-downstream operation.

With an investment of 59.6 billion yuan and additional proved reserves of 1.48 billion tons of petroleum, the corporation has a production capability of more than 50 million tons of oil and gas, forming five oil and gas producing areas in Africa, Central Asia-Russia, America, Asia-Pacific and the Middle East.

The overseas oil and gas output of the CNPC was in fast development, turning out 35.82 million tons of oil and 4.02 billion cubic meters of gas in 2005.

By People's Daily Online