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TMCNet:  PetroChina Xifeng Oilfield Reserves Hits 568mn Tons

[September 17, 2007]

PetroChina Xifeng Oilfield Reserves Hits 568mn Tons

(SinoCast China Business Daily News Via Thomson Dialog NewsEdge) INNER MONGOLIA, September 18, SinoCast -- Changqing Oilfield Company, a subsidiary of China's top oil refiner PetroChina, announced on September 17 that the reserves of Xifeng Oilfield had reached 568 million tons by the year-end of 2006.

By the end of December 2006, Xifeng Oilfield had had a proved reserves of 240 million tons oil, a probable reserves of 200 million tons and a predicted reserves of about 128 million tons.

Xifeng Oilfield, located in the southwest part of the Ordos Basin, Inner Mongolia Autonomous Region, was brought under limelight for its total reserves of well over 400 million tons at the end of 2003.

Based on a daily production capacity of 2,950 tons of crude oil, the oilfield is expected to achieve an annual production capacity of 1 million tons this year.

Presently, Changqing Oilfield Company has owned a total of three large-sized oilfields, including Xifeng Oilfield, Ansai Oilfield and Jing'an Oilfield, whose reserves have exceeded 100 million tons.

Copyright 2007 Sinocast LLC, Source: The Financial Times Limited

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