China
Petrochemical Corp., known as Sinopec Group, said Tuesday that its
overseas equity oil-and-gas output owned by subsidiary Sinopec
International Petroleum Exploration & Production Corp. rose by 2.52
million tons of oil equivalent in the first half of 2012, up 24.02% from
a year earlier.
This
would translate into about 13.03 million TOE of total equity
oil-and-gas output in the first half of 2012, up from 10.5 million TOE
in the first half of 2011, Dow Jones Newswires' calculations show.
Sinopec
International Petroleum Exploration & Production Corp. holds most
of Sinopec Group's overseas assets, including a recent 33% investment in
five shale blocks owned by U.S.-based Devon Energy Corp. (DVN), the
100% acquisition of Canada's Daylight Energy Ltd. and a 40% stake in
Repsol S.A.'s (REP.MC) Brazilian assets.
In
the first half of 2012, Sinopec's subsidiary had already achieved 71.3%
of its annual overseas target for recoverable reserves of crude oil,
its parent company said in a statement on its website, citing a speech
by Deputy Manager Zhang Yaocang.
Mr.
Zhang said that Sinopec's subsidiary had already achieved 150% of its
annual overseas target for 2C resources of natural gas in the first
half, without elaborating. 2C refers to the medium estimate of
contingent resources, or resources that are potentially recoverable from
known discoveries but not yet considered mature enough for commercial
development.
Sinopec
Group has said it plans to more than double its equity oil-and-gas
output from overseas projects to more than 50 million TOE a year by 2015
from 22.88 million TOE in 2011.