PetroChina's ethylene production reaches record level in H1
26 Aug '05
6 min read
For the six months ended 30th June, 2005, the Company's recorded a turnover of RMB252.5 billion, representing an increase of 41.5% from the same period of last year. The half-year operating profits reached RMB85.5 billion, representing a rise of 33.1% from the same period of last year. The Board of Directors of the Company proposed to allocate 45% of the half-year net profits for paying interim dividend for 2005, equivalent to approximately RMB0.157719 per share.
Exploration and Production Since the beginning of 2005, the Company has achieved a series of milestones in oil and gas exploration. In the Jidong tidal and shallow water areas at the Bohai Bay Basin, the Company discovered high-yield-and-rich oilfields with original oil in place (OOIP) exceeding 100 million tons in shallow layers that are favorable for exploration.
The discovery of such large oilfields with high single well yield and good potential for exploration marked the Company's encouraging breakthrough in the eastern China region in the last ten years. The Company also discovered oil-bearing structure with OOIP exceeding 100 million tons in Tazhong of the Tarim Basin, and made further progress in exploring the Erdos Basin which is expected to add OOIP of approximately 200 million tons this year. At the Xujiaweizi area of the Songliao Basin, original gas in place (OGIP) of 100 billion cubic meters has been preliminarily discovered, while large gas fields with potential of about 100 billion cubic meters have also been found in the central part of the Sichuan Basin. These achievements can help the Company to maintain a replacement ratio for crude oil reserves of above 100% for this year, sustain a rapid growth in its natural gas reserves, and open up new territories for its exploration operations. The Company believes the above discoveries, which are subject to verification by authoritative organizations, can also help the Company to secure sustainable and steady development with a solid base of resources.
marketing@alchempro.com
