Top oilfield outlines new goal for prospecting, development

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Last updated at: (Beijing Time) Saturday, January 10, 2004

Top oilfield outlines new goal for prospecting, development

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Daqing Oilfield, China's top oil producer, announced on Saturday that it would redouble efforts in prospecting and hoped to add 500 million tons of petroleum and 100billion cubic meters of gas to the proven geological oil and gas reserves in the years to come.

The oilfield will be added with 100 million tons of petroleum in terms of exploitable oil reserves and maintain its annual oil and gas output over nine million tons by the year 2005, said Wang Yupu, chairman of the board and general manager of Daqing OilfieldCo. Ltd.

"With available oil and gas resources shrinking daily, we will make efforts to expand gas-based industries and strive to form new economic strong points in addition to doing a good job of oil prospecting and development from 2006 to 2010," said the general manager.

According to Wang, the oilfield produced 48.4 million tons of crude oil and 2.03 billion cubic meters of gas last year, both record highs in the country.

In the past four years, the oil giant found 252 million tons of new oil reserves, pumped 203 million tons of crude oil and produced 8.73 billion cubic meters of gas. It chalked up 329.7 billion yuan (about 39.72 billion US dollars) in sales revenue and turned in 266 billion yuan (about 32.05 billion US dollars) in taxes plus a percentage of profits to the state coffers.

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