Singapore (Platts)--18Dec2012/522 am EST/1022 GMT

State-owned China National Petroleum Corp said Tuesday its total equity net production from overseas projects in 2012 hit 50.35 million mt of oil equivalent as of December 17.

This is an average 1.05 million boe/d of oil and gas equity output.

CNPC said the gross production from its overseas projects totaled 100 million mtoe over the same period, comprising 86.21 million mt of oil and 17.5 billion cubic meters of gas. The company did not provide year-ago data.

Despite facing challenges such as disruption to Sudanese production, political unrest in Syria and the global economic downturn, CNPC said it was the second year running that its fields abroad managed to exceed 100 million mtoe of output.

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Of its 35 producing projects overseas, 28 exceeded their output targets, including its Iraqi fields and the MPE3 Orimulsion project in Venezuela, CNPC said.

The Halfaya project in Iraq is currently producing above target at 100,000 b/d, CNPC said. Its listed subsidiary PetroChina has a 37.5% stake in Halfaya, partnering French Total and Malaysia's Petronas.

The field started production in June at 70,000 b/d and is expected to reach 200,000 b/d by next year, the partners said earlier.

Halfaya is expected to produce a cumulative 2.7 million mt of crude by the end of this year. CNPC said its first 2 million-barrel cargo of equity output set sail for China on December 14 and its second cargo is expected to load at the end of January 2013.

--Song Yen Ling, yen_ling_song@platts.com
--Edited by Wendy Wells, wendy_wells@platts.com

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