PetroChina: Changqing oilfield achieves 50MT of oil and gas production

Source:PetroChina

Changqing Oilfield

PetroChina Company Limited announced that as of December 22, 2013, Changqing Oilfield achieved 23.58 million tons of crude oil and 33.278 billion cubic meters of natural gas production this year, representing oil and gas equivalent production exceeding 50 million tons. At the same time, Changqing Oilfield expects its 2013 operating revenue to reach RMB150 billion and profit to see a rapid year-on-year growth. The target for becoming “the Daqing of the West” has been hit on schedule in a high quality and high standard way.

As one of PetroChina’s major oilfields, Changqing Oilfield covers five provinces, namely Shaanxi, Gansu, Ningxia, Inner Mongolia and Shanxi, and plays the pivotal role of supplying natural gas to more than ten big and medium size cities, including Beijing, Tianjin and Shijiazhuang. Changqing Oilfield has seen continuous growth of oil and gas production and has come on to the track of a rapid development since 2000, with its success due to the emancipation of mind and renovation of technology of  Changqing people across several generations despite world acknowledged difficulties in oil and gas reservoir exploration and development, such as low permeability, low pressure and low abundance. In 2003 and 2007, Changqing’s oil and gas equivalent production surpassed 10 million tons and 20 million tons, respectively. Changqing Oilfield has become an onshore oil and gas field in China with the highest production, fastest growth and most potential, increasing production 5 million tons each year by average since 2007.

Guided by the principles of technology and management innovation, as well as a transformation in its mode of development, Changqing Oilfield has delivered remarkable results. Changqing Oilfield has implemented technological innovation to solve difficulties in permeability to match the characteristics of the resevoir, helping to boost reserves and production and to control costs. It also made substantial improvements in management and efficiency through the vigorous promotion of an innovative exploration management model with standardized, modular, market-oriented and digital features, as well as expanded cooperative development. In addition, Changqing Oilfield realized highly efficient operations through managing production activities in a new and informatized way. Meanwhile, Changqing Oilfield continued to enhance its soft power, further strengthening its harmonious relationship with  local community.

Changqing Oilfield’s fast growth and sustained efficiency is the result of PetroChina’s overall concept of ''adhering to strategic development and focusing on quality and efficiency'', which also reinforced the Company’s confidence in improving oil and gas supply capability through domestic production. Stepping onto the new starting point of 50 million tons of oil and gas equivalent, aiming at becoming a world-class oilfield, Changqing Oilfield will continue to pursue a high quality, high efficiency and sustainable development by arranging production pace and investment scale in a scientific manner, enhancing strategic management, prioritizing efficiency and strengthening fundamentals.

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