By December 28, 2016 Read More →

China’s top oilfield Daqing to cut capex by 20 per cent in 2017


Daqing is hoping despite cuts in drilling and ground engineering projects, the company can boost production by increasing outputĀ at each operating well by 10 per cent. photo.

Older, inefficient Daqing fields under scrutiny

BEIJING, Dec 29 (Reuters) – China’s largest oilfield Daqing will slash capital spending in 2017 by 20 perĀ cent from a year earlier, owner PetroChina said late on Wednesday, even as it looks to keep output steady.

China’s oil majors have been cutting output in recent months to rein in spending, with older and inefficient fields like Daqing in northern Heilongjiang coming under scrutiny.

Daqing’s investment in drilling and ground engineering projects will be reduced by 20 per cent, PetroChina said in a statement on its website.

However, it aimed to boost production by 10 per cent at each operating well and keep output at around 40 million tonnes of oil and gas by 2019. Oil and gas output was about 41 million tonnes in 2015.

(Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Richard Pullin)

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