The Chinese oil and gas company Petrochina (80% owned by CNPC) has released its 2021 results, posting a 35% growth in its revenues to CNY 2,614bn (US$410bn). Petrochina's total crude oil production dipped by 3.7% to nearly 888 mbl in 2021, due to a 24% fall in overseas production (to 134.5 mbl) that was partly offset by a 1.3% growth in China to 753 mbl. Gas production rose by 4.7% to 4,420 bcf (125 bcm), spurred by domestic production (+5.7% to 4,222 bcf or 119 bcm), while overseas production fell by nearly 13% to 198 bcf (5.6 bcm). At the end of 2021, the group held 5,375 mbl of proved crude oil reserves (+15.5%) and 42,576 bcf (1,204 bcm) of proved gas reserves.
Petrochina also processed 1,225 mbl of crude oil in its refineries during the year (+4%), producing 108.7 Mt of gasoline, diesel and kerosene (+1.6%). The group sold 163 Mt of these products (+1.3%) worldwide, including 66 Mt of gasoline (-0.2%) and 82 Mt of diesel (+1.2%); in China, sales rose by 6.2% (+7% for gasoline to 52.6 Mt and +5.1% for diesel to 50.9 Mt). Petrochina had a 35.3% share on the domestic retail market (down by 0.6 percentage point), thanks to its network of 22,800 service stations (+0.8%). At the end of the year, the group operated 26,076 km of pipelines, including 17,329 km of gas pipelines, 7,340 km of crude oil pipelines and 1,407 km of refined oil pipelines.
Petrochina plans to raise the share of renewable energies in its energy portfolio to 1/3 by 2035 and 50% by 2050, as the group aims to reach near zero emissions by 2050.