PetroChina Changqing Oilfield Company, a subsidiary of China’s top oil-and-gas producer PetroChina, saw its production of oil equivalent of crude oil and natural gas in the past 12 months reaching 60 million tons, which marks a new milestone.
The figure includes around 24.52 million tons of crude oil and 44.53 billion cubic meters of natural gas, a new achievement for guaranteeing China’s energy security.
Earlier, Zhang Jianhua, head of National Energy Administration, said domestic crude and natural gas production hit 191 million tons and 173. 3 billion cubic meters in 2020, respectively.
Last year, Changqing’s oil and gas production reached 57.03 million tons of oil equivalent, the seventh consecutive year of outputs above 50 million tons.
Changqing Oilfield, located in northwest China’s Erdos Basin, has produced 760 million tons of oil equivalent since its official launch about 50 years ago.
The company’s cumulative proven oil reserves have reached 5.9 billion tons, with 4 trillion cubic meters of proven natural gas reserves.
Its annual production of oil equivalent is expected to hit 68 million tons in the next five years, industry experts predict.
In recent years, Changqing Oilfield have enhanced exploration and exploitation of shale oil and tight gas against the backdrop of low oil prices, which have helped the company to increase reserves and output.
Photo: Xinhua
