PetroChina continues to grow in Q2 2003
Posted: 25 July 2003
PetroChina Company Limited today announced that all of its production
and operational targets were well accomplished in the second quarter
ended 30 June 2003.
Despite the SARS epidemic, PetroChina maintained normal production
under adverse conditions in the three months ended 30 June 2003.
During this time, the Company undertook additional marketing activities
with good results.
The Company has seen steady growth in its production and operations
and has achieved sound results for each business segment.
In the second quarter, the Company's total output of oil and gas
amounted to 222.9 million barrels of oil equivalent, or an increase
of 2.7 per cent from the same period last year. 195.3 million barrels of
crude oil and 165.1 billion cubic feet of marketable natural gas
was produced. In the first half of 2003, Daqing Oilfield produced
24.2869 million tons of crude oil, down 1.05 million tons yoy within
expectation. The output of crude oil in Changqing, Xinjiang, Tarim
and Jilin oilfields increased significantly in the first half of
the year. The Company produced 386.4 million barrels of crude oil,
an increase of 0.6 per cent yoy and produced 349.6 billion cubic feet of
marketable natural gas, an increase of 13.5 per cent from the first half
last year.
The Company endeavoured to maintain exploration of oil and gas
as its first priority. In the first half this year, the Company
made new progress in the exploration in many key areas, such as
Bohai Bay, Tarim Basin and Juggar Basin.
In the second quarter, the Company's Refining and Marketing segment
made efforts to produce more marketable and value-added products
on the basis of resource allocation and structure adjustment. Sales
and retailing volume of oil products increased as a result. The
June sales volume of oil products was the highest level in the history.
In the second quarter, the Company's refineries processed 149.7
million barrels of crude oil, up 3.1 per cent yoy, of which the Company
produced approximately 4.49 million tons of gasoline, up 11.9 per cent yoy,
and 8.086 million tons of diesel, up 7.4 per cent yoy. In the first half
this year, the Company's Refining and Marketing segment made further
performance enhancements compared with the same period last year.
As at the end of June 2003, there were 13,868 service stations
either owned, controlled or franchised by the Company, or owned
by China National Petroleum Corporation to which the Company provides
supervisory and technical support. This represents an increase of
1,618 service stations yoy.
In the second quarter, the Company adjusted its product structure
in the Chemicals and Marketing segment in a timely response to market
changes and realized full production in its major facilities of
ethylene and synthetic ammonia. The Company produced 415 thousand
tons of ethylene, up 24.6 per cent yoy, 525 thousand tons of synthetic resin,
up 19.3 per cent yoy, 51 thousand tons of synthetic rubber, up 4.1 per cent, and
974 thousand tons of urea, up 7.4 per cent yoy. The overall operation of
the Company's Chemicals and Marketing segment improved greatly in
the first half..
The Company's key natural gas pipeline construction projects are
well underway. The West-East Gas Pipeline is progressing as scheduled.
The Jingbian to Shanghai section has completed pipe-welding and
is being prepared for operation. In the Lunnan to Jingbian section,
pipe-welding of 1,393 kilometers long of pipeline has been completed
- this represents 59.7 per cent of the western part of the Pipeline. The
Zhongxian-Wuhan gas pipeline has completed compilation of the master
construction plan and pilot construction has started.
The Company's sale of natural gas experienced significant growth
as a result of aggressive expansion of new markets, by meeting gas
consumption increases in Beijing and exploring other key users.
Currently, both domestic and international environments and market
situation is favourable to PetroChina. "Looking into the second
half of this year, the Company will actively adopt a number of measures
to enhance its operating level, increase its competitiveness, speed
up the increase in reserves and production capacities in the upstream,
and further the structural adjustment of its refining and chemical
businesses. The Company will strive to achieve all operational targets
anticipated for 2003 in an effort to increase returns to shareholders,"
the Company's management said.
For more information see http://www.petrochina.com.cn.
Posted by Richard Price,
Editor Pipeline Magazine
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