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The Daqing oil region (northeast of China) is the largest oil region in China and the Petrochina's largest oil and gas producing property; it covers an area of approximately one million acres. The crude output from Daqing oil field will continue to slide in 2004, falling 4.3% to 46.3 million metric tons, after hitting a 27-year low last year. Some attribute the fall in output to "the natural decline of recoverable oil reserves" after 40 years of intensive production, other sources express that the oil field is faced up with increased costs because of higher water content, thus will have to adopt advanced technologies to enhance production efficiency. A new hope to fulfill China's demand for oil was expected to come from the Yukos Russian oil company which considers selling its Siberian oil to China via a pipeline to Daqing. But Japan is offering financial incentives to the Russian pipeline and it appears that Japan will beat China and benefit from the Siberian oil.
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Alessandro Digaetano
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Oil China selection
The Daqing oil region (northeast of China) is the largest oil region in China and the Petrochina's largest oil and gas producing property; it covers an area of approximately one million acres. The crude output from Daqing oil field will continue to slide in 2004, falling 4.3% to 46.3 million metric tons, after hitting a 27-year low last year. Some attribute the fall in output to "the natural decline of recoverable oil reserves" after 40 years of intensive production, other sources express that the oil field is faced up with increased costs because of higher water content, thus will have to adopt advanced technologies to enhance production efficiency. A new hope to fulfill China's demand for oil was expected to come from the Yukos Russian oil company which considers selling its Siberian oil to China via a pipeline to Daqing. But Japan is offering financial incentives to the Russian pipeline and it appears that Japan will beat China and benefit from the Siberian oil.