Sinopec Group says Plans to Double Overseas Equity Oil Output

Sinopec said it aims to more than double its equity oil output from overseas projects to over 1 million barrels per day (bpd) by 2015 from 2011, the largest Chinese oil company by sales said on Thursday.

Sinopec International Petroleum Exploration and Production Corp (SIPC), its investment and operation unit for overseas upstream projects, gained 22.88 million tons or 457,600 bpd of oil from overseas projects last year, Sinopec Group said in a report on one of its websites (www.sinopecnews.com.cn)

SIPC will get 27 million tons of equity oil - output it is entitled to according to production sharing contracts - from overseas projects in 2012, Sinopec Group said.

As of the end of 2011, SIPC owned 47 overseas projects in 23 countries.

Sinopec Group's key domestic businesses are run by listed China Petroleum and Chemical Corp (Sinopec Corp).