State-owned China National Petroleum Corp (CNPC) aims to get 70 million tonnes of oil equivalent per year from central Asia within 5 to 8 years, a company newspaper reported on Friday.

The parent of PetroChina (0857.HK: Quote, Profile, Research)(601857.SS:
Quote, Profile, Research) plans to obtain 20 million tonnes of crude
oil and 55 billion to 60 billion cubic metres of natural gas a year by
then and make central Asia a demonstration area for overseas oil and
gas cooperation, the China Petroleum Daily said.

Oil output from blocks that CNPC operates in central Asia will reach
24.58 million tonnes and natural gas production to amount to 6.3
billion cubic metres this year, it said.

The report did not say how much of the oil and gas output in central Asia this year that CNPC is entitled to.

China and central Asian countries including Turkmenistan, Uzbekistan
and Kazakhstan opened their first cross border natural gas pipeline
this week that would be able to pump up to 40 billion cubic metres of
gas to China by 2012-13.

A crude oil pipeline with an initial capacity of 200,000 bpd started sending oil from Kazakhstan to China’s northwest in 2006.

CNPC, China’s top oil and gas firm, plans to double oil and gas output
to 400 million tonnes of oil equivalent in 8-10 years and raise oil and
gas production in overseas fields it operates to half that level.

Source: Reuters

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