皇冠体育app

By Wang Yu (皇冠体育app Daily)
Updated: 2007-10-18 10:11

Exploration will be ramped up at Daqing Oilfield to prove more reserves in the next decade, according to a source from the country's top oil company.

"As 皇冠体育app's oil demand picks up, Daqing Oilfield must boost exploration to find more oil and gas reserves Over the next decade, we're targeting 100 million metric tons of proven oil reserves per annum from Daqing Oilfield to meet the country's rising energy demand," Wang Yupu, general manager of Daqing Oilfield Co Ltd, said yesterday on the 皇冠体育app National Petroleum Corporation (CNPC) website.

Related readings:  Petro皇冠体育app poised to list A shares next month  Petro皇冠体育app to invest US$1.3b in new energy by 2010  Daqing oilfield maintains steady crude oil output  CNPC bought overseas exploration rights

Petro皇冠体育app's Daqing Oilfield tops 皇冠体育app in terms of annual production and reserves. Its current output is around 43 million tons of oil equivalent per annum and the oilfield has untapped proven reserves of about 4 billion tons. Petro皇冠体育app is CNPC's listed arm.

Petro皇冠体育app is boosting exploration spending as output from older fields, such as Daqing and Liaohe, falls and as 皇冠体育app's oil demand surges. The company will outspend Exxon Mobil Corp, Royal Dutch Shell Plc and BP Plc this year to boost oil supplies, according to Bloomberg.

The company will use its increased exploration budget to find new reserves at old oilfields and to explore new fields.

The Beijing-based oil producer plans to maintain annual output of more than 12 million tons by 2010 at its Liaohe field, said Sun Chongren, Party secretary of Liaohe Oilfield Petroleum Administration Bureau.

"As output drops at existing old oilfields, there are two measures that can be taken to keep production stable. One is to enhance innovation and technology know-how to find hidden reserves at old fields. The other is to discover more emerging fields," said Han Xuegong, a retired analyst with CNPC.