PetroChina has recorded an increase in net income that amounted to 86.61 billion yuan for the first half of 2024, compared to 85.27 billion yuan in the same period last year. This was driven by a rise in drilling operations and oil prices.

Beijing has pushed its state-owned oil giants to invest heavily in production to help the nation meet energy security goals.

Thus, China’s largest oil and gas driller rose output to 905.5 million barrels of oil equivalent (boe) in the period.

Besides, an uptick in oil prices helped make those investments pay off as the Global benchmark Brent averaged more than $83 a barrel in the first half, compared with about $80 over the same period in 2023.

PetroChina said it would pay 0.22 yuan per share for the interim dividend.

The boost from upstream activities helped offset a weaker fuel market, which was hit by China’s sputtering economy and growing electrification of the transport fleet.

The company has announced a 6-billion-yuan ($842 million) acquisition of 100% of CNPC Electric Energy from another unit at its parent company, state-owned China National Petroleum Corp.

The acquisition will allow the company to improve its power trading business and scale up its green development strategy, it said in a statement.

Notably, PetroChina said earlier this year that it planned to add 30 gigawatts of renewable generation to its portfolio in 2024 and advanced a pledge to power its operations with 100% clean energy to 2033, 17 years earlier than previously promised.