PetroChina said it has stopped plans to buy 50% of its parent company’s assets in exploration and development.

PetroChina chairman Jiang Jiemin told a news conference that the company’s long-term plan was still to purchase assets from its parent, the state-owned CNPC, China’s top oil and gas firm.

Jiang also said that PetroChina’s oil sands assets in Canada will have an output of 20 million tonnes of oil per year.