PetroChina raised first-quarter oil and gas production at its upstream unit Tarim in northwestern China by nearly 8% to 7.91 million tons of oil equivalent, according to parent company China National Petroleum Corp, reported Reuters.
China’s third-largest onshore oil and gas field, the PetroChina Tarim unit in the Xinjiang region aims to produce 30 million tons of oil equivalent this year, CNPC said on its website on Tuesday. That compares with an estimated 28.51 million tons produced in 2019.
The state oil giant also adjusted production and operational plans in response to falling oil prices and lower demand owing to the coronavirus outbreak, shutting down 262 oil wells and water injection wells that are no longer profitable, CNPC said.
In a separate report on Tuesday, CNPC said that PetroChina’s refining and petrochemical subsidiaries are maximizing manufacturing of polypropylene used for making medical materials. First-quarter output of polypropylene fibers, for instance, rose nearly 60% from a year earlier to 164,000 tons.