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.