Companies & Finance

PetroChina’s dash to gas in step with clean air push

China’s biggest oil company is shifting its upstream portfolio to gas as it moves to meet Beijing’s demand for blue skies China’s biggest oil company is shifting its upstream portfolio to gas as it moves to meet Beijing’s demand for blue skies.
By Colin Shek 6 November 2017 0 28249
PetroChina oil rigs. (PetroChina)

PetroChina is increasingly shifting its production mix to cleaner-burning gas as China’s largest state oil company adapts its long-term upstream strategy to the government’s national clean energy drive.

PetroChina’s crude oil output for the third quarter of 2017 dipped slightly on an annual basis, to 224 million barrels, according to results released last week. This meant that oil represented 63% of the company’s output, down from more than 90% in 2000, when PetroChina floated on the Shanghai and Hong Kong stock exchanges.

The company’s gas...