(CBN Global) March 29 -- China's crude oil and natural gas producers swung into the red in the first two months of this year from a year earlier, losing a combined CNY20.3 billion (USD3.12 billion) because of record-low oil prices.
Combined revenue from exploration businesses fell 32 percent to CNY84.8 billion in January and February, according to figures from the National Bureau of Statistics.
State-owned PetroChina Ltd.'s Daqing oilfield, China's biggest, lost CNY5 billion in the first two months of the year as Daqing goes through an unprecedented crisis, resulting from record-low oil prices since 2014. Last year, it trimmed crude oil output for the first time, announcing annual cuts of more than 1.3 million tons for the next five years.
Looking at the mining industry as a whole, core revenue was CNY643.32 billion, down 16 percent year-on-year, with losses of CNY8.14 billion. Chinese coal, oil and gas producers had losses across the board, but the non-metal miners had positive growth. To a certain extent, this helped offset overall losses sustained by the whole Chinese mining industry.