31 Mar '12, 11am

PetroChina pumped 2.4M barrels/day last year, surpassing Exxon by 100,000

Chinese Firm Surpasses Exxon in Oil Production A big shift is happening in Big Oil: An American giant now ranks behind a Chinese upstart. Exxon Mobil is no longer the world’s biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called Petro-China. The Beijing company was created by the Chinese government to secure more oil for that nation’s booming economy. PetroChina announced Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000. The company has grown rapidly over the last decade by squeezing more from China’s aging oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It’s motivated by a need to lock up as much oil as possible. The company’s output increased 3.3 percent in 2011 while Exxon’s fell 5 percent....

Full article: http://peakoil.com/production/chinese-firm-surpasses-exxo...

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