Mon, Dec 29, 2008 - Page 12 News List

China oil output up 1.6%: state media

AFP , SHANGHAI

China is expected to produce a total of 189 million tonnes of crude oil this year, an increase of 1.6 percent over last year, state media reported on Sunday.

PetroChina (中石油), the nation’s leading oil producer, released figures saying China had found more than 20.7 billion tonnes of proven oil deposits in the past 30 years, the Xinhua news agency reported.

China produced 186 million tonnes of crude oil last year, according to Xinhua. PetroChina, like many European oil companies, measures its output in tonnes instead of the US standard of barrels.

This year’s output would be 189 million tonnes, an increase of 1.6 percent.

Two oil fields account for most of the country’s oil production.

The Daqing Oil Field (大慶油田) in northeastern China has pumped out 1.576 billion tonnes of crude oil over the past three decades — more than 40 percent of China’s total onshore crude output during that period.

The Shengli Oil Field (勝利油田) on China’s eastern coast has produced more than 805 million tonnes of crude in 30 years, or more than 20 percent of the onshore crude output nationwide for the period, Xinhua said. China is also expected to produce 76 billion cubic meters of natural gas this year, up from 69.8 billion cubic meters last year, the report said.

China’s appetite for oil has fallen sharply due to the global economic slowdown, the China National Petroleum Corp (中石油集團) said last month.

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