{"id":2765,"date":"2019-03-24T18:52:20","date_gmt":"2019-03-24T18:52:20","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=2765"},"modified":"2019-03-24T18:52:20","modified_gmt":"2019-03-24T18:52:20","slug":"petrochina-plans-to-boost-capex-to-45bn-this-year","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=2765","title":{"rendered":"PetroChina plans to boost capex to $45bn this year"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>Reuters \/Beijing<\/p>\n<\/div>\n<p>PetroChina, Asia\u2019s largest oil and gas producer, plans to boost capital spending to 300bn yuan ($45bn) in 2019, up 17% from last year, a company filing to the Hong Kong Stock Exchange showed.<br \/>\nThe surge in expenditure to a near-record level came as PetroChina pledged to ramp up oil and gas production and reserves to answer Beijing\u2019s call for greater energy security.<br \/>\nThe group expects crude oil output this year at 905.9mn barrels and gas output of 3,811.0bn cubic feet, it said in its earnings statement, with the total oil and gas equivalent of 1,541.2mn barrels.<br \/>\nIts crude oil processing output will reach 1,170mn barrels, it said, up from 1,123mn barrels last year.<br \/>\nBut growth in crude runs slowed, reflecting competition from upcoming refineries.<br \/>\nPetroChina\u2019s fourth-quarter net earnings fell 18% from the same period the previous year to 4.46bn yuan, making it the worst quarterly performance since the third quarter of 2016, Reuters calculations showed.<br \/>\nOver the fourth quarter, global benchmark Brent crude futures lost nearly 35%.<br \/>\nThe Chinese producer\u2019s fourth-quarter revenue, meanwhile, rose to 644bn yuan, compared to 558bn yuan a year earlier.<br \/>\nBrent prices touched four-year highs in October at nearly $87 a barrel, before plunging to just below $50 towards the end of 2018.<br \/>\nThe values, though, were still much higher overall than a $56-$64 range for the last quarter of 2017.<br \/>\nPetroChina also plans to buy high-end chemical products and technical equipment from the United States, in addition to liquefied natural gas (LNG) imports already underway, and increase collaboration on oil and gas investment, company president Hou Qijun told reporters yesterday.<br \/>\n\u201cThe two countries can further improve the trade structure, and especially with the progress in Sino-US trade negotiations, we have full confidence in expanding cooperation,\u201d Hou said.<br \/>\nFor the whole of 2018, PetroChina\u2019s net earnings more than doubled to 52.6bn yuan, the best since 2014.<br \/>\nRevenue expanded to 2.35tn yuan, up 17% from 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters \/Beijing PetroChina, Asia\u2019s largest oil and gas producer, plans to boost capital spending to 300bn yuan ($45bn) in 2019, up 17% from last year, a company filing to the Hong Kong&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/2765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2765"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/2765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/2766"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}