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December 21, 2009

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Home » Business » Energy

Oilfield aims to be No. 1

CHINA'S third-largest oilfield, Changqing, is expected to post an annual growth of 24 percent in oil and gas output this year, the company said yesterday.

By Saturday, the oil and gas equivalent production at Changqing had exceeded 30 million tons, and the figure would reach 31 million by the end of this year, or 6 million more than last year, said Peng Xufeng, a company spokesman.

Changqing, a subsidiary of PetroChina, is the country's third-largest oilfield, after Daqing and Shengli. But Peng believes Changqing has overtaken Shengli as China's second-largest oilfield, as annual oil and gas equivalent production at Shengli has been less than 30 million tons over recent years.

"We are targeting 50 million tons by 2015, thus becoming another 'Daqing'," he said.

Daqing is also a subsidiary of PetroChina, while Shengli is owned by rival Sinopec.

Changqing is in north China's Ordos Basin.

It reports 8.5 billion tons of oil resources and 10.7 trillion cubic meters of natural gas. So far, it has proven more than 2 billion tons of oil reserves and 2.7 trillion cubic meters of gas reserves.


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