The first Chinese gas and oil producer will increase its overseas production

China National Petroleum Corp (CNPC), largest producer of oil and gas in the country, announced Wednesday that its operations abroad represent a larger share of its total production, while the company adopts a strategy to continue to expand beyond Chinese borders.

CNPC has produced about 110 million tonnes of oil equivalent in 2012, nearly 40% of its total production of oil and gas.

This share is expected to reach 60 percent by 2020, said the president of CNPC Jiang Jiemin, the meeting.

In 2012, the turnover and the profits of CNPC operations abroad represented respectively 39% and 31% of revenue and total profits of the company.

Production of oil and gas of CNPC has reached 278 million in 2012, or a growth of 2.8% YOY, revealed Zhou Jiping, CNPC general manager.