Chinese CNPC to invest $22 billion in increasing of oil and gas production

China National Petroleum Corporation intends to invest more than 150 billion yuan in increasing oil and gas production in the western region of Xinjiang to offset the decline in production in the aging fields in northeast China, Reuters reports. According to CNPC, due to increased costs, production in the Xinjiang Autonomous Region will grow to 50 million tons of oil equivalent in the period from 2018 to 2020. The volume of production in the region will increase by no less than 75% by 2020. The company aims to increase natural gas production in the country to meet the growing demand for this fuel while reducing coal consumption.

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