CNPC looks to boost overseas output

Eyeing targets: CNPC hopes for overseas production to account for 60% of its total output by 2020

State-run China National Petroleum Corporation (CNPC) will boost the overseas output from fields it operates to 60% of its total production by 2020, up from nearly 40% in 2012.

Overseas production operated by CNPC, parent of PetroChina , totalled 104.28 million tonnes of oil equivalent in 2012, of which equity oil and gas accounted for 52.42 million tonnes, the company revealed on Thursday.

CNPC's oil and gas output totalled 278 million tonnes of oil equivalent in 2012, up 2.8% from the previous year. The company has said it aims to produce 400 million tonnes of oil equivalent in 2015, with half coming from overseas projects, Reuters reported.

China's top state-owned energy companies have been aggressively expanding on the international stage as they…

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