Sinopec produced 441.4 bcf of gas in 2010, up 47.6% over the 2009 gas production of 299 bcf. This is due to the start of commercial production from the Puguang gas field in Sichuan province. The capital expenditure for exploration and production segment was RMB 52,680 million (US$ 8,018 million), which was mainly used for exploration, development and capacity construction of key oilfields including Tahe, Shengli and Angola Block 18 and gas fields in Puguang and Erdos, as well as for pipeline construction of the Sichuan-to-Eastern China Gas Project
In 2011, Sinopec plans to produce 45.59 million tons of crude oil and 14.1 bcm of natural gas. The company has also estimated a set of operational targets as part of 12th five year plan, which include domestic crude production of 43.5 to 45 mt/y; gas production of 20 to 24 bcm/year.
Capital expenditure for 2011 is projected to be around RMB 124.1 billion, primarily for E&P projects, Shandong LNG project, Changling and Beihai refinery revamping and upgrading, as well the construction and upgrading of new service stations, Wuhan ethylene and Zhongyuan coal-to-olefin projects, crude and product pipeline projects and logistics system.
To know more about Sinopec Corp., visit:http://docsearch.derrickpetroleum.com/research/cmp/508/Sinopec%20Corp%20(China%20Petroleum).html