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China's Daqin oilfield to reduce output next yr

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Publish time: 29th December, 2014      Source: www.cnchemicals.com
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Daqing Oilfield, the largest oilfield explored by China's major oil and gas producer China National Petroleum Corporation (CNPC), is expected to reduce its production by 1.5 million tonnes in 2015, State media reported.The oilfield, which produces nearly 1/4 of China's total oil output annually, will further slash output to 32 million tonnes by 2020, with an annual average reduction of more than 1.3 million tonnes, Xinhua reported December 28.The decision was made during an economic working conference of northeast China's Heilongjiang province on December 27, the report said.Limited oil reserves, high development cost and declining international oil prices have caused the fast-depleting Daqing Oilfield to reduce output, one unnamed staff was cited as saying.As China's largest inland oilfield, Daqing has produced more than 2.1 billion tonnes of crude oil since production started in 1960.It produced slightly more than 40 million tonnes of crude oil in 2013, marking the 11th consecutive year for the oilfield’s output to exceed 40 million tonnes, data showed.Experts said the output cut target for Daqing Oilfield will win CNPC some time to make relevant deployments to position itself into a relatively advantageous position against the backdrop of the current supply-demand dynamics in the global crude market.In order to offset adverse impact on local economy, the province planned to accelerate its economic restructuring and deepen cooperation with PetroChina by promoting the oil refining projects.