PetroChina returns to profit in H1
PetroChina, the listed arm of state-run CNPC, on August 26 reported a profit of 53.04bn yuan ($8.18bn) during the six months to June 30 (H1) owing to higher realised oil prices. It had reported a net loss of 29.98bn yuan during the same period last year.
Domestic oil and gas equivalent output was 735mn barrels, up 3.5% year/year. Marketable natural gas output was 2.16 trillion ft3, up 6.7% yr/yr. The company’s domestic gas sales were up 17.6% yr/yr to a record 96.25bn m3 thanks to a strong recovery in economic activity post COVID-19 pandemic.
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PetroChina said during H1 it focused on the exploration of unconventional resources such as shale gas and shale oil and promoted new energy projects such as alternative clean energy projects domestically.