PetroChina is aiming to grow its gas output at a much faster rate than oil over the next five years as oil companies rush to meet Beijing’s call for cleaner fuels, while ageing reserves limit the scope to grow output of oil. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Company targets growing annual gas output by 4-5%, oil by 1% Ageing fields limit prospects to sharply grow oil output But despite the anticipated growth in oil and gas production by China’s biggest upstream company, the incremental volumes would fail to close the gap with China’s growing need for energy resources, according to the company’s vice chairman Zhang Jianhua. “Domestic oil and gas resources are not good enough for significant production increases,” Zhang said on the sidelines of the company’s interim briefing in Hong Kong on Thursday. Company executives added that while […]