PETROCHINA Co., the nation’s biggest oil company, wants natural gas to account for half its output by the end of the decade.

    The firm aims to raise natural gas as a share of its production from 37 percent currently, president Wang Dongjin said. The company supports the government’s efforts to liberalize gas prices and implement market-based reforms, he said.

    “We will have some adjustment on oil and gas production down the road,” Wang said. “There is a huge potential for natural gas production to grow in the years to come.”

    The world’s largest energy consumer is seeking to raise the share of less-polluting natural gas in its energy mix to 10 percent by 2020. China twice cut gas prices last year in an attempt to boost demand. While demand growth for oil has slowed, natural gas use rose 9.8 percent in the first half this year.

    PetroChina plans to raise output by around 30 percent to produce more than 300 million tons of oil and gas equivalent (6.02 million barrels per day) by 2030, with half of that coming from overseas projects, Wang said.

    PetroChina had 14.4 percent of its output coming from overseas in the first half of the year.

    “The target should be very achievable based on our overseas oil and gas equity reserves,” Wang said. (SD-Agencies)