PetroChina Unit May Overcome Snowstorms to Beat Output Target

PetroChina Liaohe Oilfield Co., a unit of the nation's biggest oil company, aims to beat a full-year production target by 4 percent, overcoming the impact of snowstorms in March that shut almost 1,300 wells.

PetroChina Liaohe plans to produce 12.06 million metric tons (about 242,000 barrels a day) of crude oil, exceeding a goal of 11.6 million tons set by parent PetroChina Co., China National Petroleum Corp. said in its in-house newsletter today. Beijing- based China National owns 88 percent of PetroChina.

China's oil companies are increasing production to supply the world's fastest-growing major economy. The nation's crude output increased by 1.7 percent to about 3.6 million barrels a day in the first six months, the National Bureau of Statistics said July 20.

PetroChina maintained daily output of more than 34,000 tons at Liaohe up to the start of August, China National said, making up for disruption caused by a snowstorm that forced the closure of 1,294 wells in March at the field in northeastern China's Liaoning province.

Daily production losses caused by weather conditions at Liaohe reached 5,257 tons, China National said March 7. The storm, the worst in 50 years, damaged a power grid and disrupted electricity supplies to the field.