China's second-largest oil producer and Asia's largest oil refiner, announced it would
increase spending on oil and gas exploration in order to offset lower oil prices expected
The company increased its exploration and production budget for 2004 by
RMB 1.87 billion, bringing the total to RMB 19.87 billion.
After a good year of
exploration Sinopec estimated its newly added possible oil reserves could rise by 50
million tons to 250 million tons, while newly added possible gas reserves were expected to
increase by two billion cubic meters to 57 billion cubic meters.