PetroChina — Exploration and Production

PetroChina's consolidated upstream business, the largest oil and gas producer in China with material overseas interests. Domestic production is concentrated in the Daqing, Changqing, and Xinjiang oil regions and the Changqing, Tarim, and Sichuan gas regions. Reserves are assessed approximately 95% on a self-assessment basis with the remainder evaluated by independent engineering consultancies (DeGolyer and MacNaughton, McDaniel & Associates, Ryder Scott, GLJ, Tetra Tech RPS, and APEX). 2025 combined output was 1,841.9 million barrels of oil equivalent, of which 194.7 million barrels was overseas.