Print This Page Email This Page
Leading Oilfield Vows 40 Mln Tons Despite Declining Reserves

China's leading oilfield, Daqing, said on Thursday it will make efforts to maintain high output, to ease oil shortage in domestic market.

Daqing aims to produce around 40 million tons of crude oil every year in the next 10 years, said Wang Yupu, the oilfield's general manager.

Despite declining reserves, Daqing will rely on high-tech to maintain high output, he said.

Production of Daqing oilfield was 44.95 million tons in 2005. It soon declined to 2007's 41.70 million tons, down 4 percent from 2006's 43.41 million tons.

China consumed more than 300 million tons of crude oil last year, 180 tons of the total consumption was imported from overseas markets, he said.

"Although an annual output of 40 million tons is not enough to fill the big gap between supply and consumption, it is crucial to the country's economic development." said Wang.

Surging oil prices in the world market have put the country under great pressure in recent years. The situation may get even worse if China continues to largely rely on import, Wang explained.

Daqing pledged to increase oil production by introducing more advanced technologies, he added, but failed to tell more details.

Daqing produced more than 1.9 billion tons of crude oil in the past 50 years, accounting for 40 percent of the country's total.

(Xinhua News Agency July 18, 2008)


Related Stories
- Two Oil Giants to Import 720,000 Tons of Refined Oil for E China
- Crude Oil Import Volume Up 11% in 1st Half
- CNOOC Announces New Oil, Gas Discovery in Bohai Bay
- China Tells Domestic Oil Producers to 'Dig Deep' into Potential
- Top Oil Producer to Increase Supply

Print This Page Email This Page
Beijing's Power Supply Capability Up 124% in 7 Years
Internet-based Consumption Rises More Than 50% in 1st Half
Underage Smokers Reach 15 Mln in China
China to Invest 12.7 Bln Yuan in Upgrading Lower-yield Farmland
Venues Designed to Minimize Emissions, Save Energy
China's CPI Rises 7.9% in 1st Half of 2008


Product Directory
China Search
Country Search
Hot Buys