Bloomberg Printer-Friendly Pagehttp://www.bloomberg.com/apps/news?pid=20670001&refer=&sid=a....1 of 18/14/2008 9:51 AMPetroChina Plans to Maintain Oil Exploration Spending (Update2) By Wang YingJuly 31 (Bloomberg) -- PetroChina Co., the world's second- biggest company by market value, willmaintain 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 Jipingsaid 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 barrelon July 11, spurring investments in new fields. PetroChina aims to spend 132.3 billion yuan on explorationand production, its 2007 annual report shows. BP Plc said yesterday it plans capital spending of $22 billionthis year, excluding acquisitions.``Non-core'' business spending will be cut by 20.7 billion yuan this year, Zhou said today, withoutelaborating. Parent China National Petroleum Corp. plans to reduce 5 percent of its workforce over the next
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China National Petroleum, PetroChina, Jidong Nanpu PetroChina, National Petroleum Corp., PetroChina Plans