PetroChina Changqing Oilfield Co, a subsidiary of China's top oil and natural gas producer PetroChina, produced the equivalent of 60 million tons of crude oil and natural gas so far this year, a new milestone.
The figure includes around 24.5 million tons of crude oil and 44.5 billion cubic meters of natural gas, a new achievement in guaranteeing China's energy security, the Xinhua News Agency reported on Sunday, citing the oilfield's production headquarters.
In recent years, globally depressed oil prices have galvanized the oilfield to develop alternative energy sources such as tight gas and shale oil, pushing up its annual output, according to PetroChina Changqing Oilfield Company, Xinhua reported.
Last year, Changqing's oil and gas output reached 57.03 million tons of oil equivalent, the seventh consecutive year of output that was above 50 million tons, Xinhua said.
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, according to Xinhua.
Its production areas cover Northwest China's Shaanxi and Gansu provinces and North China's Inner Mongolia Autonomous Region.
Its annual production of oil equivalent is expected to hit 68 million tons in the next five years, industry experts predict.
The oilfield is contributing to China's ongoing efforts to replace coal with clean energies such as natural gas and hydropower. China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
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