UPDATE 1-PetroChina Q3 net jumps 30 pct, beats forecast

* Q3 net up 30 pct, beats forecast for 34.9 bln yuan

* Will achieve overall target for 2008

* Shares surge 5.8 pct ahead of results (Adds details)

By Judy Hua

HONG KONG, Oct 29 (Reuters) - PetroChina Co Ltd (0857.HK) (PTR.N) (601857.SS), Asia's top oil and gas producer, beat forecasts with a 30 percent rise in quarterly earnings on the back of higher oil prices and a government hike in fuel prices.

High international crude prices, which hit a record $147 a barrel in July, squeezed state-owned PetroChina and rival Sinopec as they are obliged to supply the world's No.2 oil consumer with fuel at low prices set by a government wary of inflationary pressures.

Now, with crude prices more than halving to $65 and after Beijing raised gasoline and diesel prices by 18 percent in June, analysts are upbeat on the outlook for the two oil majors as they enjoy one of the highest refining margins in the world.

But there is uncertainty: Chinese policymakers may cut domestic fuel prices for the first time in almost two years after sliding crude prices returned refiners to profit, officials have said.

PetroChina, the largest of China's energy triumvirate, which includes top Asian oil refiner Sinopec Corp (0386.HK) (SNP.N) (600028.SS) and offshore specialist CNOOC Ltd (0883.HK) (CEO.N), said its July-September net profit was 39.89 billion yuan ($5.8 billion) versus 30.7 billion yuan a year earlier.

The result beat an average forecast for 34.9 billion yuan from three analysts polled by Reuters.

"PetroChina will continue to actively respond to the negative impacts brought about by international financial turmoil on the real economy, and will ensure the production and operation of its various business segments are properly run to achieve the overall goal for the whole year," the company said in a statement.

Global oil prices CLc1 dropped to below $100 in September, but were still higher than the $70-80 level of a year earlier.

PetroChina's average oil selling price rose 59.6 percent to $97.24 per barrel in the first nine months of this year.

For a full earnings statement, click here

Shares in PetroChina rose 5.8 percent on Wednesday ahead of the results, outpacing a 0.8 percent gain in the benchmark index .HSI.

The shares dropped 21 percent in July-September, a little more than Sinopec's 17 percent fall and an 18 percent drop on the benchmark Hang Seng Index.

PetroChina trades at around 6.2 times forecast earnings, cheaper than Exxon Mobil's (XOM.N) 7.4 and Sinopec's 9.5. (Reporting by Judy Hua, editing by Ian Geoghegan)