China's Top Oilfield to Cut CAPEX by 20% in 2017

Reuters

BEIJING, Dec 29 (Reuters) – China's largest oilfield Daqing will slash capital spending in 2017 by 20 percent from a year earlier, owner PetroChina said late on Wednesday, even as it looks to keep output steady.

China's oil majors have been cutting output in recent months to rein in spending, with older and inefficient fields like Daqing in northern Heilongjiang coming under scrutiny.

Daqing's investment in drilling and ground engineering projects will be reduced by 20 percent, PetroChina said in a statement on its website.

However, it aimed to boost production by 10 percent at each operating well and keep output at around 40 million tonnes of oil and gas by 2019. Oil and gas output was about 41 million tonnes in 2015.

(Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Richard Pullin)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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