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CNPC to Double Overseas Oil Output
SINGAPORE, Aug 4 (Reuters via energy24.com) - China's state oil giant China National Petroleum Corp (CNPC) is expected to more than double its overseas oil output to around 120,000 bpd this year, Chinese industry sources said.
CNPC produced about 2.5 million tonnes of crude oil in 1999, or 51,000 bpd, up one third from the previous year.
Overseas production increases this year would come primarily from the company's operations in Sudan where it is expected to reach 60,000 bpd, from Kazakhstan at 30,000 bpd, and Venezuela at 24,000 bpd, the sources said.
The oil major's overseas assets were excluded from its listed entity PetroChina partly on protest from human rights groups over CNPC's investment in Sudan.
CNPC owns 40 per cent of the Great Nile Petroleum Operating Company Ltd (GNPOC), which is pumping nearly 200,000 bpd of crude in Sudan's Union oilfields after commercial production started in late June last year.
GNPOC is a joint venture between CNPC, state oil companies of Malaysia and Sudan, and Canadian independent oil player Talisman Energy Inc.
CNPC also has a 60 per cent stake in Aktobemunaigaz oilfield in northwest Kazakhstan, expected to churn out 2.5 million-3.0 million tonnes of crude this year.
Sources said CNPC had a budget of more than $200 million on overseas project for 2000, most of which would come from its revenue in Sudan.
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