China?s CNPC aims to boost overseas oil, gas business

China?s largest oil producer China National Petroleum Corp. (CNPC) aims to boost Indonesian assets as part of company?s strategy to expand overseas oil and gas business, China?s state media China Daily was quoted by AFP Tuesday

CNPC, the parent of Hong Kong-listed PetroChina Co Ltd, plans to raise its total oil production to 133 million tons by 2010, compared with 118 million in 2002, the China Daily reported.

The move will help it become one of the world's top 10 oil companies.

Overseas production will be the main force in boosting production, as domestic oil output is likely to remain flat or even drop, it said.

Natural gas output meanwhile is expected to triple to 70 billion cubic meters by 2010 compared with 2002 while sales of refined oil and petrochemical products will double to 100 million tons and 30 million tons respectively.

CNPC general manager Ma Fucai was quoted as saying the company aims to become a major multinational oil producer and supplier and he expects CNPC's overseas business to account for one-quarter of its total operations by 2010.

An expansion of assets in Indonesia will be a priority, company executives said.

CNPC operates oil and gas fields in more than 10 countries, including Indonesia, Peru, Sudan, Kazakhstan and Venezuela.

Its overseas oil output reached 21 million tons in 2002.

In Indonesia, PetroChina had already several producing oil, gas blocks in Jambi, East Java and Papua. PetroChina is also reportedly taking interest to acquire some of new oil, gas blocks that the Indonesian government is offering to tender. (*)