PetroChina, China's largest oil company, said it expects international markets to account for half of the company's oil output by 2015. The company has been turning its attention to international fields over the past several years amid rising Chinese demand for oil and dwindling domestic production.
Overseas fields will account for 200 million metric tons of oil equivalent for PetroChina by 2015. PetroChina (PTR) will pursue development strategies in Central Asia, the Middle East, Africa, South America and Asia Pacific in the next five years, the Wall Street Journal reported.
Last year, the company said it would spend $60 billion on acquisitions over the next decade to meet China's soaring energy demands, but the company has been quiet on the acquisition front thus far in 2011. PetroChina will also build more storage and transportation facilities in South America, the Journal reported.
PetroChina also confirmed that it is not interested in bidding for an Angolan offshore block that Exxon Mobil (XOM) is looking to sell. Exxon Mobil is the largest U.S. oil company.
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