Feb. 6, 2009 (China Knowledge) - The Karamay oilfield in Xinjiang Uyghur Autonomous Region expects to yield more than 16 million tons of crude oil and 10 billion cubic meters of natural gas in 2015, sources reported.
According to the manager of the oilfield, there is a two-stage plan in place to achieve this goal. The first stage, from 2009 to 2011, will focus on speeding exploration and development. The target for this period for proven oil and natural gas reserves is 300 million tons and 200 billion cubic meters, respectively.
The second stage will be characterized by increase in production. From 2012 to 2015, the predicted annual production target for crude oil and natural gas is 1 million tons and 10 billion cubic meters, respectively.
In 2008, the Karamay oilfield hit 12.21 million tons of crude oil, representing an increase of 40,000 tons from a year earlier. The output of natural gas last year was 3.4 billion cubic meters, surging 500 million cubic meters since 2007, sources reported.