PetroChina lines up $60b to boost overseas oil output

Chinese oil companies led by CNPC and Sinopec have quickened their overseas expansion pace in recent years, a move analysts said was necessary to cope with the rising domestic energy demand.

CNPC agreed on Wednesday to acquire a 35 percent stake in Royal Dutch Shell’s oil and gas unit in Syria. The company also plans to build a refinery in Syria that can process 5 million tons of crude every year, said Jiang.

The company recently completed a deal to develop oil sands in Canada. CNPC will work to achieve 20 million tons of heavy oil production capacity via the deal, said Jiang.

“China’s oil imports will continue to see robust increase in the future, as domestic production cannot keep pace with rising consumption,” said Zhou Dadi, an analyst with the Energy Research Institute (ERI) under the National Development and Reform Commission (NDRC).

The nation’s net oil imports are expected to reach 210 million tons this year, according to Huang Li, an official with National Energy Administration (NEA).

The volume would be about 11 million tons, or 5.5 percent, higher than last year, she said.

China Daily