PetroChina's Changqing Oilfield reaps RMB 14 bln in 4 months

May 13, 2009 (China Knowledge) - PetroChina<601857><0857>, headquartered in Xi'an, Shaanxi Province, saw its Changqing Oilfield realize a total of RMB 14.01 billion in sales revenue in the first four months of this year, sources reported.  

The main body of the oilfield, located in Ordos Basin, covers 370,000 square meters.

In the period from January to April, the oil and natural gas yield of the oilfield exceeded 10 million tons, a year-on-year increase of 29.7%. Total investment hit RMB 8.79 billion.

In the same period, the crude oil output of the oilfield increased 8.15% year on year to stand at 4.77 million tons, accounting for 30.25% of the expected annual output of 15.75 million tons. The field’s natural gas yield grew 42.6% year on year and reached 6.56 billion cubic meters and accounted for 36.4% of the estimated annual yield of 18 billion cubic meters.  

This year, the oilfield targets an oil and natural gas yield of 30 million tons.

Reportedly, Changqing Oilfield has developed techniques for exploiting low-permeability oil and natural gas fields and used them successfully in the Ansai oilfield and the Sulige gas field.