PETROCHINA Liaohe Oilfield Co, a unit of the nation's biggest oil company, aims to beat a full-year production target by four percent, overcoming the impact of snowstorms in March that shut almost 1,300 wells.
PetroChina Liaohe plans to produce 12.06 million metric tons (about 242,000 barrels) a day of crude oil, exceeding a goal of 11.6 million tons set by parent PetroChina Co, China National Petroleum Corp said in its in-house newsletter yesterday. Beijing-based China National owns 88 percent of PetroChina.
China's oil companies are increasing production to supply the world's fastest-growing major economy, Bloomberg News said. The nation's crude output increased by 1.7 percent to about 3.6 million barrels a day in the first six months, the National Bureau of Statistics said on July 20.