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Oilfield stabilizes yearly production
Source: Xinhua |
January 4, 2009, Sunday
|
Print Edition
Print Edition
CHINA'S largest oil base, Daqing Oilfield, has fulfilled production targets by stabilizing crude oil output above 40 million tons in the past year, despite a declining reserve.
The 2008 output stood at 40.2 million tons, which was the smallest in three years if compared to the 41.7 million tons in 2007 and 43.41 million tons in 2006.
Its 2008 natural gas output hit 2.76 billion cubic meters, up 8.241 percent from 2.55 billion cubic meters in 2007.
The field, administered by China National Petroleum, was discovered in 1959, started to produce oil the next year and now accounts for nearly 25 percent of the nation's total crude output.
Having kept its annual crude oil output at more than 50 million tons for 27 consecutive years, the oil field in northeastern China had to scale back its production on dwindling reserves so as to sustain its development.
However, as the prices of crude oil fluctuated turbulently on global markets last year, the company had hoped to maintain its output above 40 million tons to ease the domestic shortage.
Under a 2006-2010 plan, the field will cut its crude output to 38 million tons by 2010 and 31 million tons by 2020.
Another vintage oil field, Shengli, developed 44 years ago on China's eastern coast, saw its 2008 crude oil output rise for the 10th year in a row to 27.74 million tons, up 40,000 tons from the 2007 level.
Run by China Petrochemical, Shengli attributed its expansion to improvement in technical innovation. More than 3 million tons of crude oil output were generated by such innovations every year, the company said.
The 2008 output stood at 40.2 million tons, which was the smallest in three years if compared to the 41.7 million tons in 2007 and 43.41 million tons in 2006.
Its 2008 natural gas output hit 2.76 billion cubic meters, up 8.241 percent from 2.55 billion cubic meters in 2007.
The field, administered by China National Petroleum, was discovered in 1959, started to produce oil the next year and now accounts for nearly 25 percent of the nation's total crude output.
Having kept its annual crude oil output at more than 50 million tons for 27 consecutive years, the oil field in northeastern China had to scale back its production on dwindling reserves so as to sustain its development.
However, as the prices of crude oil fluctuated turbulently on global markets last year, the company had hoped to maintain its output above 40 million tons to ease the domestic shortage.
Under a 2006-2010 plan, the field will cut its crude output to 38 million tons by 2010 and 31 million tons by 2020.
Another vintage oil field, Shengli, developed 44 years ago on China's eastern coast, saw its 2008 crude oil output rise for the 10th year in a row to 27.74 million tons, up 40,000 tons from the 2007 level.
Run by China Petrochemical, Shengli attributed its expansion to improvement in technical innovation. More than 3 million tons of crude oil output were generated by such innovations every year, the company said.
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