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CNPC's Overseas Oil Gas Business Wins Breakthrough

Updated: 2020-01-22

The overseas equity oil and gas output of China National Petroleum Corporation (CNPC) in 2019 was 104 million tons, the most ever for the company, according to a statement by CNPC made on Jan 13.

Oil and gas cooperation based on mutual benefits and win-win results can help both sides obtain sound economic profits and improve China's energy security guarantee capability. It also drives the economic growth of the host resource countries and contributes to global energy supply as well as the oil and gas trade.

CNPC's overseas oil and gas equity output reached 50 million tons for the first time in 2011 and maintained annual growth of 10 percent in ensuing years.

In 2019, CNPC produced 79.26 million tons of equity crude and 31.5 billion cubic meters of equity natural gas overseas.

All the resources came from CNPC's five oil and gas cooperation zones in the Middle East, Central Asia-Russia, Africa, the Americas and the Asia-Pacific, among which the Middle East oil and gas zone contributed more than 65 percent of crude output and the Central Asia-Russia zone 86 percent of natural gas production.

So far, CNPC has 90 oil and gas cooperation projects in 33 countries and has built several 10 million-capacity oil and gas fields in Kazakhstan, Iraq, Turkmenistan and Sudan.

A complete industrial chain integrating oil and gas exploitation, pipeline operation, refining and chemical engineering as well as oil product sales has been formed.

The China-Kazakhstan crude oil pipeline, Central Asia natural gas pipeline and China-Myanmar oil and gas pipeline have transmitted nearly 160 million tons of crude and more than 330 billion cubic meters of natural gas.

In recent years, CNPC has supported Belt and Road construction. The company is now undertaking 51 oil and gas cooperation projects in 19 countries involved in the Belt and Road Initiative. The oil and gas output in these countries accounted for 83 percent of CNPC's total overseas equity production in 2019.

The projects brought to those countries more than $67 billion in revenue and created over 100,000 jobs in local area. More than 3 million people have benefited from the projects.

The company also fulfilled social responsibilities and adhered to the principle of "extensive consultation, joint contribution and shared benefits".

For example, it helped integrated petroleum industrial systems for such countries as Sudan, Chad and Niger. It also initiated donations, established funds and donated equipment to support local livelihood construction.

Recruiting local employees was also a priority. To date, more than 92 percent of CNPC's staff members in overseas projects are local people.

Zhou Dadi, executive vice director at the China Energy Research Society, said that CNPC's international energy cooperation improves global energy supply and guarantees the domestic supply of oil and natural gas.

He added that overseas oil and gas investment has become a main part of economic trade between China and host resource countries. The energy cooperation will contribute to building a human community with a shared future.



(Executive editor: Wang Ruoting)

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