China Overseas Oil&Gas Output over 90mn Tons 

China Overseas Oil&Gas Output over 90mn Tons

BEIJING, Jan 31, 2013 (Menafn - SinoCast Daily Business Beat via COMTEX) --In 2012, China's overseas oil and gas output surpassed 90 million tons for the first time, rising by 3% from previous year.

The merger and acquisition (M &A) amount made a new high record, making Chinese enterprise the top overseas oil and gas asset buyer among global oil company. According to an report, last year, China National Petroleum Corporation (CNPC) strengthened development of overseas projects, particularly projects in Iraq and the Central Asia. Thus, its overseas oil and gas output surpassed 50 million tons. Thanks to large scale M&A, Sinopec Group saw its overseas oil and gas output growing rapidly from 22.88 million tons in 2011 to 26 million tons in 2012. Overseas oil and gas output of China National Offshore Oil Corp. (CNOOC) was close to 10 million tons in 2012, roughly the same with previous year.

As for overseas M &A, CNOOC saw its overseas M&A amount hit USD 21.4 billion last year, the largest among all Chinese companies.

Source: www.beijingtimes.com.cn (January 31, 2013)

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