China Knowledge reported that China National Petroleum Corp or CNPC, the parent firm of PetroChina Co Ltd overseas oil and gas production increased 30,000 tonnes or 219,000 barrels per day from the same period of last year.

The company said in a statement without disclosing the volume of oil and gas it produced in the first six months of this year CNPC plans to produce more than 2 million bpd of oil equivalent in overseas fields and increase its foreign equity oil output to 1 million bpd this year.

During the first six months of this year, newly-discovered recoverable oil reserves took up 53.8% of the full year target and new gas deposits accounted for 57.6% of the full year goal.

CNPC said earlier that its crude oil pipeline from Lanzhou to Chengdu started construction at the end of March this year and the project is expected to complete and start production in 2012.

The oil pipeline with a length of is 878 kilometres has annual capacity of 10 million tons of crude oil. The pipeline will transport crude oil from Northwest of China and Kazakstan oilfield since China South Western region lacks of crude oil resources.

(Sourced from China Knowledge)