Offshore staff

BEIJING -- PetroChina Co. Ltd. has had a positive first half of 2007 according to the company's mid-year report. The company says it has captured favorable market opportunities in its continued efforts to execute its resources, marketing, and international development strategies.

In the first half of the year, PetroChina implemented its production and operation and maintained a balanced pace of output in oil and gas production by scheduling the production of new wells. During this period, the company's crude oil output reached 419 MMbbl, representing an increase of 600,000 bbl over the same period last year.

Marketable natural gas output reached 798 bcf, representing an increase of 113.3 bcf (16.5%) over the same period last year.

PetroChina made a number of discoveries in the first half of the year, including the Jidong Nanpu oilfield in the shallow water of Bohai Bay. Nanpu contains of up to 1 Bbbl of oil, the company says. The company reported progress in the development work in a number of fields, including Sulige, Shenmu-Shuangshan, and Baibao in the Erdos basin, the Gulong depression in the northern part of the Songliao basin, Haituozi-Huaaobao in the southern part of the Songliao basin, Ludong-Wucaiwan in the Junggar basin, and Guang An in the Sichuan basin. These results favor the outlook for the growth of the company's oil reserves, PetroChina says.

The company expects China's economy to continue to experience rapid and stable growth, which will intensify the demand for oil and gas as well as the demand for petrochemicals in the PRC.

8/16/2007