PetroChina Co., the world's third- largest energy company by market value, increased oil and gas output
PetroChina Co., the world's third- largest energy company by market value, increased oil and gas output to a record last year after including production from Kazakhstan for the first time.
Output rose 5.2 percent to the equivalent of 2.9 million barrels a day, according to a statement PetroChina posted on its Web site today. Crude oil output rose 0.8 percent, while natural gas production jumped 23.5 percent. The Beijing-based company revised its 2005 output numbers lower, without giving any reasons.
PetroChina Chairman Chen Geng last year paid its parent $2.74 billion for control of PetroKazakhstan Inc. to meet demand for oil and gas in China, the world's fastest-growing major economy. Drilling in western China helped push natural gas output to a record.
PetroChina shares rose as much as 2.8 percent to HK$10.04 and closed 1.9 percent higher at HK$9.96 by 4 p.m. PetrooChina overtook BP Plc and Royal Dutch Shell Plc to become the world's third-largest oil company in 2006 after the company's shares surged 37 percent in the past year.