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Sinopec Corp., the nation’s second-biggest oil company, is expected to produce 1.9 percent more crude oil and 11 percent more gas in 2006 as the nation’s energy demand continually rises. The company may pump 40 million tons of crude oil and 7 billion cubic meters of natural gas from domestic fields this year, said Sinopec Corp in a statement released in late December. The company produced 39.27 million tons of crude oil and 6.3 billion cubic meters of gas last year. Chinese oil companies are increasing investments in oil and gas exploration to meet demands by the world’s fastest-growing major economy, which expanded 10.7 percent in the first three quarters of this year.
Sinopec Corp., the nation’s second-biggest oil company, is expected to produce 1.9 percent more crude oil and 11 percent more gas in 2006 as the nation’s energy demand continually rises. The company may pump 40 million tons of crude oil and 7 billion cubic meters meters of natural gas from domestic fields this year, said Sinopec Corp in a statement released in late December. The company produced 39.27 million tons of crude oil and 6.3 billion cubic meters of gas last year. Chinese oil companies are increasing investments in oil and gas exploration to meet demands by the world’s fastest-growing major economy, which expanded 10.7 percent in the first three quarters of this year.