[Excerpt: Aktobemunaigas, which operates oil and gas fields in Kazakhstan, planned to increase crude output in 2004 by 18 percent to 5.5 million tons (110,450 barrels per day), from 4.65 million tons in 2003, Jiang Qi, director general of Aktobemunaigas said last year. PetroChina might also buy its parent's holdings in Peru.....The Sudan fields are especially sensitive for New York-listed PetroChina, since the United States has imposed sanctions on that country as a result of its long-running civil war.]
http://www.thestandard.com.hk/stdn/std/Business/GD16Ae04.html PetroChina boosts efforts to find more oil sources Karen Teo April 16, 2005 PetroChina, the mainland's biggest oil firm, is pressing ahead with plans to buy its parent's oil production interests outside China to supplement output from its ageing domestic fields, sources say. The unlisted parent, China National Petroleum Corp, has been far more successful in adding overseas reserves than its Hong Kong-listed offshoot. PetroChina said Friday that first-quarter production climbed 3.6 percent to 199.9 million barrels, from 192.9 million barrels a year ago, with overseas fields contributing just 1.68 million barrels, or 0.8 percent. Although those gains outpaced the 0.9 percent increase posted a year ago, there are doubts that the higher output can be sustained for the rest of the year, given the age of many of China's fields: Daqing, the biggest, first started producing in 1960. A PetroChina source says the company is trying to put a value on its parent's overseas operations, including its 60.3 percent stake in CNPC-Aktobemunaigas, its second most-profitable asset after the Sudan Greater Nile project. Aktobemunaigas, which operates oil and gas fields in Kazakhstan, planned to increase crude output in 2004 by 18 percent to 5.5 million tons (110,450 barrels per day), from 4.65 million tons in 2003, Jiang Qi, director general of Aktobemunaigas said last year. PetroChina might also buy its parent's holdings in Peru. China National Oil and Gas Exploration and Development Corp, which operates most of CNPC's overseas assets, owns 45 percent of PPN Company, while Pluspetrol, the operator, controls the rest. ``We are looking at our parent's more profitable assets but these may not include lucrative yet politically sensitive ones including Sudan and possibly Venezuela,'' the source said. The Sudan fields are especially sensitive for New York-listed PetroChina, since the United States has imposed sanctions on that country as a result of its long-running civil war. With world oil prices hovering above US$50 (HK$390) a barrel, PetroChina will likely pay a premium price for any purchase from its parent. Yet company sources insist it will still be cheaper than trying to buy reserves on the open market. The company has been more successful in expanding its natural gas output. On the back of a 20 percent increase in output to to 260.9 billion cubic feet, the company said it has stepped up construction of the second Shaanxi-Beijing pipeline and the Hunan Xiangtan branch of the Zhongxian-Wuhan pipeline. PetroChina also is on the prowl for reserves of its own. Its wholly owned unit, PetroChina International Company, this week signed a memorandum of understanding with Canada's Enbridge Inc to cooperate on a pipeline that would ship 400,000 barrels a day from Alberta to a port in British Columbia and on to China. [EMAIL PROTECTED] Copyright 2005, The Standard, Sing Tao Newspaper Group and Global China Group. ------------------------ Yahoo! Groups Sponsor --------------------~--> Take a look at donorschoose.org, an excellent charitable web site for anyone who cares about public education! http://us.click.yahoo.com/_OLuKD/8WnJAA/cUmLAA/TySplB/TM --------------------------------------------------------------------~-> -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: osint@yahoogroups.com Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
