PetroChina is the largest producer of crude oil and natural gas in China. The oil and gas resource takes national predominance; its exploration and production plays the leading role in the oil and gas industry in China; it possesses many large-scale oil and gas provinces, such as Daqing, Liaohe, Xinjiang, Changqing, Tarim and Sichuan, among which, Daqing is the largest in China and also one of the most productive areas in the world. By December 31st, 2006, the proved reserves of crude oil and natural gas of PetroChina were 11.62 billion barrels and 1514.06 billion cubic meters respectively, taking up 70.8% and 85.5% of the total of three major oil companies in China. In 2006, the crude oil and natural gas productions of PetroChina were 830 million barrels and 44.95 billion cubic meters, accounting for 66.4% and 78.5% of the total of three major oil companies in China. In the first 6 months of 2007, the marketable crude oil and natural gas productions of PetroChina were 420 million barrels and 22.6 billion cubic meters respectively. Proved Crude Oil and Natural Gas Reserves of PetroChina in Recent 3 Years | Crude Oil | Natural Gas (1) | Total (1) | (MMb) | (100 MMcm) | (MMboe) | Proved developed and undeveloped reserves | | | | Reserves on December 31st, 2004 as baseline date | 11,501.2 | 12,812.9 | 19,042.7 | Calibrations on the previous estimates | 156.8 | 60.3 | 192.3 | Extension and new discoveries | 605.5 | 1,134.0 | 1,273.0 | EOR | 101.4 | - | 101.4 | Production in current year | -828.7 | -380.4 | -1,052.7 | Reserves on December 31, 2005 as baseline date | 11,536.2 | 13,626.8 | 19,556.7 | Calibrations on the previous estimates | 196.1 | 194.2 | 310.4 | Extensions and new discoveries | 635.3 | 1,769.1 | 1676.5 | Purchased reserves | 81.1 | - | 81.1 | Production in current year | -830.7 | -449.5 | -1,095.3 | Reserves on December 31st, 2006 as baseline date | 11,618.0 | 15,140.6 | 20,529.4 | Proved developed reserves | | | | December 31st, 2004 as baseline date | 9,067.9 | 4,885.9 | 11,943.6 | December 31st, 2005 as baseline date | 9,194.8 | 5,623.0 | 12,504.4 | December 31st, 2006 as baseline date | 9,185.2 | 6,389.3 | 12,945.8 |
Development Plan Under the guideline of “stabilize the east, boost the west; exploit the sea, and develop the emerging energy”, PetroChina will lay equal emphasis on oil and gas business, escalate domestic exploration and development, and accelerate production base construction so as to achieve a high-level profitability and further strengthen domestic dominance of our upstream business. Besides, the Company will reinforce risk exploration and expand oil and gas reserves. With equal stress on oil and gas business, PetroChina will push forward risk exploration and prospecting and strengthen mining right protection, so as to achieve strategic discoveries and breakthrough. The Company will strive to keep steady growth of crude oil production with emphasis on enhancing recovery ratio, reserve development ratio and reserve replacement ratio; strive to realize rapid growth of natural gas production with emphasis on building large-scale gas provinces; strive to reinforce foreign cooperation with emphasis on technical breakthrough; and strive to exploit unconventional and emerging energy business with emphasis on exploring and developing coal-bed gas. |