CNPC Boosting Oil Output by 1%, Gas by 18%

China National Petroleum Corporation (CNPC) will boost 2008 crude oil output by one percent and natural gas output by 18 percent to meet the nation's rising energy demand, reported Shanghai Daily on Jan. 22.

In a statement on the company's web site, CNPC Vice President Zhou Jiping said, "China National plans to increase oil output by one million tonnes, about 20,000 barrels a day, and natural gas production by 10 billion cubic meters this year."

With 1.3 billion people, 10% of whom are living below the poverty line, natural resources in China are a hot commodity.

The International Energy Agency reports that China will face a massive jump in energy consumption by the year 2030, at which point the country's population and industries would consume the equivalent of 16.5 million bbl/d.

Data compiled by the U.S. Central Intelligence Agency shows that just two years ago, China's oil consumption was at 7 million bbl/d while the country's oil production is 3.71 million bbl/d.

Numbers released by CNPC indicate that the company increased oil output by one million tonnes in 2007. It produced 106 million tonnes of oil in 2006.

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Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
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