BEIJING, Aug. 25 (UPI) -- China Petroleum and Chemical Corp. said Monday oil and natural gas production increased 8 percent year-on-year, with most of the gains coming from overseas.
The company, known also as Sinopec, said combined oil and natural gas production during the first half of the year was up 8 percent from the same time last year. Crude oil production in China of 154.1 million barrels of oil was up 0.3 percent year-on-year, though the 23.7 million barrels produced overseas was more than twice what Sinopec produced during first half 2013.
Natural gas production of 354.8 billion cubic feet was 9.5 percent higher year-on-year, though Sinopec offered no breakdown of the origin.
The company said net profits through June 30 were $5.2 billion, up 7.2 percent from the same time last year.
In terms of the Chinese economy itself, Sinopec said it expected steady growth with gross domestic product up by 7.4 percent year-on-year. Chinese demand for refined oil products grew by 3.6 percent, the company said.
