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27

China National Petroleum Corp Raised Oil Reserves

China National Petroleum Corp, the parent of Hong Kong-listed PetroChina Co Ltd

China National Petroleum Corp, the parent of Hong Kong-listed PetroChina Co Ltd, said proven oil reserves have risen by 390 mln tons after new technology was applied to estimating the size of the Daqing field.

CNPC said the new discovery will add 8.48 mln tons of output and 18.97 bln yuan of revenue over the next few years. It was not more specific on the timeframe.

The mature Daqing field in Heilongjiang province has long been a key source of China's oil, accounting for around one-third of the country's oil output in 2002.

Daqing output fell three pct to 44.95 mln tons in 2005.