PetroChina's realised oil prices up 15pc

PUBLISHED : Saturday, 16 October, 2004, 12:00am
UPDATED : Saturday, 16 October, 2004, 12:00am

PetroChina, the Hong Kong-listed unit of the mainland's biggest oil producer, says it sold crude oil for 15.31 per cent more in the first nine months than in the same period a year earlier, riding on soaring global prices.

The realised oil price was US$31.55 a barrel, against $27.36 in the first nine months of last year, the firm said on its website.

During the nine-month period, PetroChina pumped 585.3 million barrels of crude oil, up 0.76 per cent from a year ago.

In the third quarter, the company produced 197 million barrels, an indication of the small acceleration in pace as 388.3 million barrels, or an average 194.15 million barrels, were pumped in the first two quarters.

Natural gas output in the first nine months of this year rose 18.87 per cent to 605.3 billion cubic feet, compared with 509.2 billion cubic feet previously.

In contrast, the pace of production for gas slowed to 195 billion cubic feet in the third quarter, compared with the first six month's 410.3 billion cubic feet, or an average 205.15 billion cubic feet for the first two quarters.

PetroChina said gas was sold at US$2.01 per 1,000 cubic feet, up from $1.95 charged in the first nine months of last year.

Overall, the company produced 686.3 million cubic feet of oil and gas equivalent, up 3.08 per cent from the first nine months last year.