Daqing, PetroChina’s largest oilfield, is expected to reduce its production starting next year.
The oilfield, which produces nearly a quarter of China’s oil output, will cut production by 1.5 million tonnes next year, Xinhua reported, citing Heilongjiang province’s economic work conference on Saturday.
By 2020, Daqing’s annual output will be slashed to 32 million tonnes, with an annual reduction of more than 1.3 million tonnes, the conference said.
Daqing produced slightly more than 40 million tonnes of crude oil last year, the 11th consecutive year in which its output exceeded 40 million tonnes.
Limited oil reserves, the high cost of development and declining international oil prices are the reasons behind the decision to reduce production at the fast-depleting oilfield, Xinhua quoted an unnamed Daqing employee as saying.
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