PetroChina expects oil demand to recover after record profits in 2022

In 2022, the company’s net profit increased by 62.1% and amounted to 149.38 billion yuan (about 21.69 billion US dollars).

PetroChina expects that the demand for oil in China in 2023 will grow by 3% compared to the level that was before the coronavirus pandemic in 2019, and the demand for natural gas will increase by 5.5% compared to 2022, this was reported by the company.

In 2022, PetroChina produced 906.2 million barrels of oil (2.5 million barrels/day of oil), which is 2.1% more than in 2021. Natural gas production in 2022 increased by 5.8% to 4.675 billion cubic feet.

Oil production outside China in 2022 increased by 3.3% to 139 million barrels:

• the company has opened new fields in Chad and Niger,
• expanded production in Kazakhstan.

However, the throughput capacity of oil refineries decreased by 1% in 2022, to 1.213 million barrels. (3.32 million barrels/day), because the consumption of gasoline and aviation fuel has been severely affected by the measures taken by Beijing to combat COVID-19.