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Policy & Regulation

CNPC to up domestic output after record profits

Asia’s biggest oil and gas producer is investing heavily to boost domestic gas production, after in increase in sales of the fuel in 2018 helped drive profits to a four-year high Asia’s biggest oil and gas producer is investing heavily to boost domestic gas production, after in increase in sales of the fuel in 2018 helped drive profits to a four-year high.
By Tang Tian 7 March 2019 Asia Pacific / Exploration & Production 0 34008
CNPC shale exploration in Sichuan. (CNPC)

The key issue: Chinese state-owned CNPC is expected to continue ramping up domestic gas production, buoyed by greater sales in 2018.

Interfax analysis: Bumper profits for 2018 mean China National Petroleum Corp. (CNPC) is likely to accelerate its strategic switch away from oil towards the cleaner and more lucrative gas.

CNPC, the parent of PetroChina, reported a total profit of RMB 110 billion ($16.5 billion) in 2018 – its highest level since 2014 – which saw it overtake Sinopec as China’s most profitable...