PetroChina to Double Output at Qinghai
Asia's largest oil and gas producer, PetroChina, is seeking to double the output of a natural gas field located in northwest China.
Qinghai Oil Field, which produced 3.4 billion cubic meters of gas in 2007, has the capacity to boost its production numbers to 8.5 billion cubic meters by 2010, according to PetroChina.
New drilling in the region is the cause for optimism in production. PetroChina reportedly commenced the drilling of a new well on March 1, an act that offers a potential increase of 2.6 billion cubic meters of natural gas by the end of 2008.
Last year, the general manager of a China National Petroleum subsidiary, Huang Ligong, told reporters that Qinghai, the country's fourth-largest field of gas deposits, could withstand an output of 6.5 billion cubic meters annually for a minimum of 30 years.
In 2006, CNPC stated in its 11th Five Year Plan that it would put forth the development efforts that would transform the Qinghai Oil Field into a production monster by 2010, with a production capacity of 6.5 billion to 7 billion cubic meters.
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