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CNPC Turns out 150 Mln Tons of Oil, Natural Gas

China National Petroleum Corporation (CNPC), China's top petroleum producer, said Friday that it produced 152.7 million tons equivalent of oil and natural gas in 2004, 6.5 percent more than that of 2003.

In 2004, the CNPC newly discovered six oil or natural gas reserve areas with a reserve classification of more than 100 million tons, increasing the proved geological reserve of petroleum by 520 million tons and the proved geological reserve of natural gas by 243.6 billion cubic meters, said Chen Geng, General Manager of the CNPC.

According to Chen, the CNPC's domestic yield of crude is 111.76million tons and that of natural gas reaches 28.7 billion cubic meters, covering 64 percent and 70 percent of the total national yield of 2004 respectively.

The CNPC saw its overseas crude yield reach 30.11 million tons and its natural gas yield produced overseas rise to 3.55 billion cubic meters, increasing by 20 percent and 84.6 percent respectively compared with the figure of 2003.

According to Chen, the CNPC saw sales income rise to 550 billion yuan (US$66.4 billion), increasing at a rate of 15.7 percent. Its profits reached 110 billion yuan (US$13.3 billion) in 2004.

The CNPC signed six overseas oil or natural gas exploitation projects and gained an international oil or natural gas trade volume of more than US$ 10 billion, said Chen.

(Xinhua News Agency January 15, 2005)

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