China's CNPC foreign equity oil, gas output up 12.9 pct in 2013

BEIJING Fri Jan 17, 2014 5:26am EST

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BEIJING Jan 17 (Reuters) - China National Petroleum Corporation (CNPC) recorded a 12.9 percent increase in its overseas equity oil and gas production last year, state media and the company said on Friday, a growth pace rapidly accelerating from the previous year.

CNPC, parent of PetroChina Co Ltd , said its equity share of oil and gas output outside China in 2013 amounted to 59.2 million tonnes of oil equivalent or about 1.18 million barrels per day (bpd).

That compared to a 1.4 percent rise in 2012 to 52.43 million tonnes or 1.05 million bpd, according to Reuters calculations based on company released data.

CNPC did not specify the main contributors to the quickening growth. It listed output breakdowns for the countries where it has operating or equity interests, without giving a year-on-year comparison or its share of the output.

The following figures are all output for projects in which CNPC holds a stake.

CNPC International (Nile), which focuses on Sudan and South Sudan, produced 13.35 million tonnes, or 267,000 bpd, of oil equivalent in 2013.

Its operations in Kazakhstan produced more than 30 million tonnes, or 600,000 bpd.

In Iraq, where listed arm PetroChina is among the largest foreign investors, CNPC recorded an output of 40.72 million tonnes, or 814,400 bpd, of oil equivalent in fields that it works on, mostly under service contracts.

The oil giant also produced 13.17 million tonnes, or 263,400 bpd, of crude in Latin America, and 5.98 billion cubic meters natural gas in Turkmenistan.

The state energy group plans to cut its total 2014 investment by 11 percent, while keep spending on its exploration and production business steady, official Xinhua reported on Friday, citing company president Liao Yongyuan.

That is in line with a strategy shift to focus on its core sector of oil and gas exploration and production, while scaling back on refining, petrochemicals and other capital-intensive investments with lower profitability.

The state giant also further boosted its global oil and gas trading in 2013, via operations in Europe, Asia and North America, with trading volume up 15.4 percent on year at 350 million tonnes and turnover up 10.9 percent at $266 billion.

(tonne =7.3 bbls) (Reporting by Beijing Newsroom; Editing by Tom Hogue)

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