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China’s 3rd Largest Oilfield Expects to Post 24% Growth in Output in 2009

21 December 2009

Xinhua. PetroChina expects that its Changqing oilfield—currently the country’s third-largest—will post an annual growth of 24 percent in oil and gas output this year.

By Dec. 19, the oil and gas equivalent production at Changqing had exceeded 30 million tonnes, 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.

Thirty-one million tonnes is approximately 227 million barrels of oil equivalent.

...Peng said he believes Changqing has overtaken Shengli as the second largest oilfield in China, as the annual oil and gas equivalent production at Shengli is less than 30 million tonnes over recent years. “We are targeting 50 million tonnes by 2015, thus becoming another Daqing,” he said.

PetroChina also owns Daqing; rival Sinopec owns Shengli. Changqing, located in north China’s Ordos Basin, has a total area of 370,000 square km for exploration, and reports 8.5 billion tonnes of oil resources and 10.7 trillion cubic meters of natural gas. So far, it has proven more than 2 billion tonnes of oil reserves and 2.7 trillion cubic meters of gas reserves.

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Comments

Look who is also becoming addicted to oil!

ejj: It seems to be a very contagious desease. An electric vaccine may be an effective cure.

Most Saudi fields produce more than this and it used to come out of the ground self propelled. They started injecting sea water to up production, which damages the fields. Our demand for ever more oil may leave half of it in the ground with difficult if not impossible recovery.

China is also spending up big in Africa, especially Sudan because they need to secure oil supplies. It's a great opportunity when you have no qualms about human rights abuses.

Even the EIA now recognises that peak oil is coming soon. It's heartening to see that EV technology is developing fast. All we need to do after that is ensure the electricity is coming from non-polluting sources. Easier said than done.

Even if peak oil is a ways away, with India and China the demand will exceed supply from here on out. We import more oil from the middle east than we did 30 years ago and it is a higher percentage of what we use. Any time OPEC, Iran, Saudi Arabia, Venezuela or others want to cut us off, they can and will.

The middle east will not cut off oil any time soon. They, too, see peak oil coming, and with it alternatives like EV's. No point in rushing their demise. Once renewable energy breaks the tipping point price wise, oil will not be attractive at the higher price and middle east incomes will crash. That may not be soon, but it will come.

The transitions can be the tricky part. We are not ready to transition but must begin. There will be plenty of demand and restricted supply. It is not so much that they will cut us off, but will sell to others that will pay a higher price, since the dollar is and will be worth less.

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