CNPC: To Double Oil, Gas Output From Joint Projects By 2015

China National Petroleum Corp., the nation's top oil and gas producer by capacity, said Tuesday its listed arm aims to bring oil and gas production capacity from domestic blocks in cooperation with foreign partners to over 15 million metric tons of oil equivalent a year by 2015.

The targeted production capacity by PetroChina Co. (PTR), with a special focus on advancing coal bed methane projects, would be more than double the 6.57 million tons of oil equivalent produced from 23 joint oil and gas projects in 2008, CNPC said in a report on its Web site.

PetroChina, CNPC's listed unit, had signed a total of 61 contracts with 48 foreign oil companies from 12 countries by the end of 2008.

The domestic blocks covered by those contracts produced a total of 33 million tons of crude oil and 7.7 billion cubic meters of gas, according to the report.

Of the projects, the Changbei gas project, a joint venture between PetroChina and Royal Dutch Shell PLC (RDSB.LN), reached its production capacity of 3 billion cubic meters late last year, two years ahead of schedule.

The Dagang Zhaodong oil project between PetroChina and Australian company Roc Oil Co. (ROC.AU) in the shallow waters of Bohai Bay has maintained annual crude oil output above 1 million tons for six years.

PetroChina is also cooperating with Chevron Corp. (CVX) on developing the high-sulfur Chuandongbei block in Sichuan province.

-Jing Yang contributed to this article; Dow Jones Newswires; (8621) 6120 1200; [e-mail]