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PetroChina+finance - Bloomberg Printer-Friendly Page...

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Bloomberg Printer-Friendly Page http://www.bloomberg.com/apps/news?pid=20670001&refer=&sid=a .... 1 of 1 8/14/2008 9:51 AM PetroChina Plans to Maintain Oil Exploration Spending (Update2) By Wang Ying July 31 (Bloomberg) -- PetroChina Co. , the world's second- biggest company by market value, will maintain spending on oil exploration to gain from rising demand and record crude prices. ``Next year's exploration budget will be similar to 2008's levels,'' President Zhou Jiping said in Beijing today after a meeting with shareholders to approve a bond sale of as much as 60 billion yuan ($8.8 billion). Benchmark New York oil prices have gained 62 percent in the past year, reaching a record $147.27 a barrel on July 11, spurring investments in new fields. PetroChina aims to spend 132.3 billion yuan on exploration and production, its 2007 annual report shows. BP Plc said yesterday it plans capital spending of $22 billion this year, excluding acquisitions. ``Non-core'' business spending will be cut by 20.7 billion yuan this year, Zhou said today, without elaborating. Parent China National Petroleum Corp. plans to reduce 5 percent of its workforce over the next
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