CNPC increases crude oil output by more than 2m tons
Updated: 2011-12-20 17:40
By Qiang Xiaoji (chinadaily.com.cn)
China's biggest oil producer China National Petrol Corp (CNPC) announced on Monday that its crude oil output will reach 107.53 million tons this year, an increase of 2.12 million tons from last year, Beijing Morning Post reported Tuesday.
This is the second year that the oil producer reached its target of increasing its annual crude oil output by more than 2 million tons, the report said.
The company also announced that it will change its management scheme to regional management.
According to another report by National Business Daily, five new regional pipeline companies will be set up in order to build a pipeline network and a strategic channel of oil and gas in the next five years.
In the past, the company managed its oil and gas business with pipelines.
Analysts believe that regional management will improve the efficiency of oil and gas transportation, according to the report.