China Trade Information

China National Petroleum Corp (CNPC), parent of PetroChina<601857><857>, expected its newly-added oil reserves to hit record in 2008, thanks to new discoveries on oil and gas deposits, sources reported.

This would be the third consecutive year that CNPC sees a robust growth in newly-added oil reserves, according to a statement released by CNPC, without giving a detailed figure of the estimation.

The oil giant also said the incremental natural-gas deposits discovered will probably exceed 400 billion cubic meters this year.

CNPC hopes to realize a stable increase in crude production and a rapid growth in gas output in 2009.

The company will strive to control costs and expenses while boosting exploration margins amid the prolonged financial crisis.

The following five to eight years will be a crucial period in CNPC’s effort to become an integrated international energy company, sources said, citing Zhou Jiping, vice general manager of CNPC, as saying.

Tags: CNPC, PetroChina, Petroleum

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