Thursday, January 01, 2009

Daqing produces 40.2 million tons of crude in 2008

Daqing Oilfield, China's most important oil base, produced 40.2 million tons of crude in 2008, slightly more than the targeted 40 million tons.

Daqing produced 41.7 million tons of crude last year, down 1.71 million tons from 2006.

The field, administered by the China National Petroleum Corp, also produced 2.76 billion cubic meters of natural gas, the company said.

Discovered in 1959, Daqing began to produce oil in the following year and now accounts for nearly 25 percent of the country's total crude output.

As reserves have dwindled, however, the production has been scaled back to sustain development for 100 years.

Under the 2006-2010 plan, the field will cut its crude output to 38 million tons by 2010 and 31 million tons by 2020.

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