Slash in capex for China’s largest oilfield
China Although investment in the field will be lowered, the company still intends to raise production by 10% in each operating well and is set to maintain output at 293 million barrels of oil and gas per year from 2016 through 2019 on the mature field, a slight reduction from the 301 million barrels it produced in 2015.
The move was preceded by the company posting a loss of USD 770 million (CNY 5 billion) on the field in the first two months of 2016.
The field, which came on line in 1960, has so far produced 16.9 billion barrels of crude oil.
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