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Home | News |Sinopec production declined in 2015
Sinopec production declined in 2015
Updated: 2016-02-02 10:20 Source: Market Report Company share:

Chinese state-controlled energy giant China Petroleum & Chemical Corp. said that oil and gas production slipped nearly 2% in 2015 amid sharply falling domestic production from aging fields, said The Wall Street Journal.

In a filing to the Hong Kong stock exchange late Wednesday, the company, known commonly as Sinopec, also said diesel output dropped 5.67% to about 70 million metric tons last year as weak industrial activity weighed on demand in the world’s second-largest economy.

Gasoline output rose 5.39% to about 54 million tons, Sinopec said, as more Chinese first-time drivers took to the nation’s roads.

The latest Sinopec operating statistics underscore why China’s state-owned oil companies have been on a quest to buy resources around the world in recent years. Sinopec’s domestic oil production fell nearly 5% to about 296 million barrels last year, making the company increasingly reliant on oil produced overseas to fuel its refineries.

The company, China’s second-biggest oil and gas producer by volume, also said natural-gas production rose 2.6% last year to 735 billion cubic feet.

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