Qinghai Oil Field, an affiliated branch of China National Petroleum Corporation, reported an annual output of 4 million tons, a new record.
To the end of 2004, its total production of oil and natural gas were 2.22 million tons and 1.78 billion cubic meters respectively.
Zong Yiping, vice general manager of the oil field, said that they have accelerated exploration for oil and gas since continuous increases in output and profits are vital for the company’s sustainable development.
Currently, 25 oil fields in which deposits were located have been developed. Outputs of oil and natural gas have maintained annual growth rates of over 10 percent.
From 2000 to 2004, the oil field identified oil reserves of 88.91 million tons, 28 percent of the total reserves found over the past 50 years. Of these, it is economically viable to tap 60.1 percent of them with current technologies.
In 2004, Qinghai Oil Field discovered a new natural gas reserve of 300 billion cubic meters. In the past five years, its oil and natural gas outputs have increased 1.7 million tons, with annual increases of 0.34 million tons.
(China.org.cn by Tang Fuchun January 4, 2005)
