CNPC Changqing oil field's output swells 22.16% in Jan-Sep

Oct. 19, 2009 (China Knowledge) - Changqing Oilfield, which is the second-largest oilfield by yield and is owned by China National Petroleum Corp, recorded oil and gas output of 22.59 million tons in the first three quarters of this year, achieving a year-on-year increase of 22.16%, sources reported.

The Changqing Oilfield, which is located in Ordos Basin, Shaanxi Province and has an exploration area of 370,000 kilometers, aims to yield 30 million tons of oil and gas this year, including 11.36 million tons of crude oil and 14 billion cubic meters of natural gas.

CNPC plans to increase investment in other oil fields in the next three years. Wang Yongchun, general manager of Daqing Oilfield Ltd Co, a subsidiary of CNPC, said that Daqing oil field hopes to achieve an annual output of around 40 million tons of oil and gas in the near future.

China intends to produce 198 million tons of crude oil and 120 billion cu m of natural gas in 2010. The Chinese Academy of Social Sciences on Oct. 15 posted a report that said the country's annual oil output will begin to decline in 2020, and that in 2020, 64.5% of China's oil for consumption will be imported.

Reportedly, the Iraqi cabinet has granted approval to CNPC and Britain's BP to jointly develop Rumaila oil field, bringing the oil field's output from the current 1 million barrels per day to 2.8 million bpd in the next 20 years.