PetroChina races to meet demand


HONG KONG: PetroChina Co Ltd pumped 11.7% more oil and gas in the second quarter as it raced to meet the energy demands of the world's fourth largest economy, putting it on track to smash its full-year production target. 

The output figures also position Petrochina, which is due to report interim earnings next month, to earn the biggest profit of any Asian company in the first half, according to CLSA analyst Gordan Kwan. 

“We expect PetroChina to deliver the highest net profit among all companies listed in Asia, about US$10bil in net profit for H1 06,” Kwan wrote in a research note. 

That's despite a windfall tax on oil sales imposed by Beijing in March and first-half losses expected at its refining division, analysts say. 

Oil and gas output at Asia's largest company by market capitalisation rose to 265.5 million barrels of oil equivalent (BOE) in the quarter, based on Reuters' calculations from first-half data. 

That outpaced first-quarter growth of 6.3% and surpassed the firm's full-year target of 5% worldwide. 

From April to June, oil and gas production domestic as well as overseas increased 7.5% and 32.2%, respectively, based on Reuters' calculations. 

PetroChina, which pumps crude oil, refines it and sells petroleum and petrochemical products, said in a statement on its website (www.petrochina.com.cn/english/tzzgx/jdjyxx.htm) that its oil selling price leapt 35.8% to US$58.96 per barrel in the first six months. – Reuters

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