Gas leads Sinopec 2014 output growth

OREANDA-NEWS. Chinese state-controlled oil firm Sinopec's overseas crude output growth increased in 2014, but only gas output growth surpassed its targets for the year.

Crude output was up by 8.5pc to 988,000 b/d in 2014, led by a 132pc rise in overseas output to 137,000 b/d from a year earlier, largely from upstream overseas assets Sinopec acquired from its parent in 2013. Foreign output accounted for a 14pc share of total output compared with a 6.5pc share in 2013. Growth for domestic crude output, which is declining, was flat at 852,000 b/d. Gas output was up by 8.5pc to 20.05bn m?/yr, according to operational statistics from the company.

Crude output was a little short of its 2014 target to produce 997,000 b/d but gas output surpassed its target of 19.8bn m?/yr for last year.

Sinopec's refinery runs were also slightly off target to process 4.9mn b/d of crude, as domestic oil demand growth slows. Refinery runs rose by just 1.5pc to 4.7mn b/d. This trimmed oil product output to 3.1mn b/d instead of 3.2mn b/d the company targeted for 2014. Gasoline output was up by 12.4pc to 1.2mn b/d last year, while diesel output fell by 4pc to 1.5mn b/d. Jet fuel output rose by 19pc to 448,000 b/d.

Product sales rose by 3.4pc to 3.7mn b/d, with Sinopec selling more through retail outlets than wholesale distribution.