July 25, 2018 / 2:49 AM / in 3 months

China's CNPC to invest more than $22 bln to boost Xinjiang oil, gas output by 2020

BEIJING, July 25 (Reuters) - China’s state oil company CNPC said on Wednesday it will invest more than 150 billion yuan ($22 billion) by 2020 to boost oil and gas output in the western Xinjiang region, the latest move to replace falling output from ageing fields in northeast China.

Output will exceed 50 million tonnes of oil equivalent in the Xinjiang region within two years, CNPC said. ($1 = 6.8024 Chinese yuan renminbi) (Reporting by Josephine Mason and Judy Hua Editing by Kenneth Maxwell)

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