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Source: Reuters

Sinopec northwest field eyes 5.6 pct more oil output

Published: 01 Feb 2010 20:11:04 PST

BEIJING, Feb 2 - China's top refiner Sinopec Corp said that it planned to produce 5.6 percent more of crude oil in its northwest oil field in 2010.

The northwest field will produce 6.97 million tonnes (139,400 barrels per day) of crude this year, compared with 6.6 million tonnes in 2009, according to a report published on Tuesday by China Petrochemical News, Sinopec's in-house paper.

The field will also aim to produce 1.3 billion cubic metres of natural gas in 2010, unchanged from the amount in 2009, as well as discover 358 million tonnes of oil equivalent in geological reserves, the report said.

Located in Xinjiang, an energy-rich region, the northwest oil field has been providing about one-sixth of Sinopec's national crude output.

Sinopec, also the country's second-largest crude producer after PetroChina, posted 1.47 percent growth in crude production in 2009 at 301 million barrels from 2008 and a 2 percent rise in natural gas production at 299 billion cubic feet.

China produced 189.67 million tonnes of crude in 2009, a touch below levels in 2008.

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