PetroChina budgets RMB 34.3 bln for recent major oil discovery

PetroChina, the nation’s largest oil and gas producer, has budgeted RMB 34.3 billion to develop its recently announced major oil discovery in Hebei province in order to meet its 2012 production target.

Speaking after the company’s annual general meeting, CFO Wang Guoliang said the spending would allow it to bring the Nanpu section of its Jidong oilfield in Bohai Bay to pump 10 million tons of oil a year by 2012.

The budget does not include RMB 5.7 billion of exploration costs already poured into the area before the discovery was made.

ChinaKnowledge