PetroChina sees slower growth this year

PetroChina Company Limited (PetroChina) reported that it has failed to meet its forecasts, and had a 26% drop in quarterly earnings. The decline was attributed to huge refining losses, and the oil major predicts a slower output growth for this year, with oil and gas output expected to grow 2.8 % this year, compared to 2011 when production rose by 4.7% to 1.29 billion barrels of oil equivalent (boe). “The recovery of the world economy is growing more uncertain in 2012. International energy supply will remain tight in the long-term amidst increasingly intense competition for energy resources,” said Zhou Jiping, PetroChina’s vice chairman and president. But analysts say Petro China’s production growth forecast for 2012 is still strong compared with some global oil majors, such as ExxonMobil Corporation, which expects its 2012 oil and natural gas output to drop 3% this year. (March 29, 2012)