China National Petroleum Corp (CNPC), the country’s biggest energy company by production, said on Thursday that its overseas expansion will continue to focus on the upstream division with Canada and Australia as the major targets.
CNPC’s overseas oil and gas output is expected to reach 100 million tons of oil equivalent this year, of which equity-based production will account for 50 percent, according to Jiang Jiemin, the company’s general manager.
In 2010, the energy conglomerate’s overseas oil and gas output stood at 86.73 million tons.
“Our company’s foreign sales and profits will both hit a record high this year,” Jiang said. He added that CNPC plans to continue to rapidly and consistently expand overseas and that it regards Canadian and Australian assets as its top priorities because of the two countries’ abundant natural resources and steady investment environment.