August 1, 2018 / 2:32 AM / 2 months ago

China's CNPC says H1 overseas equity oil, gas production up 7.3 pct

BEIJING, Aug 1 (Reuters) - China National Petroleum Corp (CNPC) said on Wednesday its first-half overseas equity oil and gas production rose 7.3 percent from the same period a year earlier, with profit from those operations increasing “substantially”.

The state-owned company, China’s biggest oil and gas producer, said on its website that its share of January-June output at overseas projects in which it has investments came in at over 47 million tonnes of oil equivalent, or around 1.9 million barrels of oil equivalent per day. {nL3N1KI1HE]

The period saw CNPC’s listed unit PetroChina , whose domestic oil output is declining, ship in its first equity crude from the sub-salt Ribera project in Brazil, and lift the first barrels from two 40-year offshore concessions in Abu Dhabi.

CNPC said its overseas business had focused on low-cost development in 2018, which has so far seen benchmark Brent crude prices rise around 10.5 percent. Various overseas projects are taking full advantage of the oil price recovery by increasing workloads and improving efficiency, the company said.

It added that construction work on key projects was progressing in an orderly manner. This includes the second phase of the Yamal liquefied natural gas (LNG) project in Russia, from which CNPC recently took delivery of its first LNG cargo in China, and the third phase of the Halfaya oil field in Iraq.

Reporting by Tom Daly Editing by Kenneth Maxwell

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