Domestic News  /  China's Changqing Oilfield to produce 63 mln tons of oil equivalent in 2025

China's Changqing Oilfield to produce 63 mln tons of oil equivalent in 2025

  • Date: 2020-06-28
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PetroChina Changqing Oilfield Company, a subsidiary of China's top oil and gas producer PetroChina, is expected to produce 63 million tons of oil equivalent of crude oil and natural gas in 2025.

Last year, its oil and gas output reached 57.03 million tons of oil equivalent, the seventh consecutive year that production reached the 50-million-ton level, said Fu Suotang, general manager of PetroChina Changqing Oilfield Company.

From 2016 to 2018, China's crude oil production fell for three years in a row, and its imported oil accounted for over 70 percent of the total national demand. Chinese President Xi Jinping gave instructions on "vigorously enhancing exploration and development efforts to ensure national energy security." 

At the beginning of 2019, China's three state-owned energy giants, including Sinopec, CNPC and CNOOC, launched a seven-year plan to increase oil reserves and production.

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The oil and gas fields of Changqing Oilfield cover Shaanxi, Gansu and Shanxi provinces as well as the Ningxia Hui and Inner Mongolia autonomous regions.

The huge amount of crude oil and natural gas produced since the firm's establishment in 1970 has played an important role in safeguarding the country's energy security. The company has applied new technologies to boost production and extend the life cycle of crude oil and natural gas wells.

Changqing Oilfield has so far sent over 420 billion cubic meters of natural gas to more than 40 large and medium-sized Chinese cities including Beijing and Xi'an, helping reduce carbon emissions by around 600 million tons, Fu said.


Source:CGTN

Author:CGTN

Date:June 28, 2020