PetroChina pips Exxon, pumps maximum oil among listed cos
PetroChina announced on Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000. The company has grown rapidly over the last decade by squeezing more from China’s ageing oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It’s motivated by a need to lock up as much oil as possible. The company’s output increased 3.3% in 2011 while Exxon’s fell 5%. Exxon’s oil production also fell behind Rosneft, the Russian energy company.
PetroChina’s rise highlights a fundamental difference in how the largest oil companies plan to supply the world as new deposits become tougher to find and more expensive to produce.
Be the first to comment.