BEIJING, Feb 9 - China's top refiner Sinopec (0386.HK) (600028.SS) said it planned to produce 10 percent more of crude oil in its northwest oil field this year despite falling oil prices and demand.
The northwest field will produce 6.59 million tonnes (131,800 barrels per day) of crude oil this year, compared with 6 million tonnes in 2008, according to a statement posted on the company's website.
The field also aims to discover 475 million tonnes of oil equivalent in geological reserves in 2009, as well as to produce 15 million tonnes of oil equivalent by 2015 and 20-25 million tonnes by 2020.
The oil field is located in Xinjiang province, an energy-rich region that has been providing a growing amount of oil and gas to meet China's needs.
The region's total crude oil output reached 27.4 million tonnes in 2008, up 3.8 percent from a year earlier. Natural gas in the region totalled 24 bcm, up 14 percent from 2007.
China's crude oil production gained 2.3 percent from a year earlier to 189.73 million tonnes in 2008, or 3.79 million barrels per day.
The northwest field will produce 6.59 million tonnes (131,800 barrels per day) of crude oil this year, compared with 6 million tonnes in 2008, according to a statement posted on the company's website.
The field also aims to discover 475 million tonnes of oil equivalent in geological reserves in 2009, as well as to produce 15 million tonnes of oil equivalent by 2015 and 20-25 million tonnes by 2020.
The oil field is located in Xinjiang province, an energy-rich region that has been providing a growing amount of oil and gas to meet China's needs.
The region's total crude oil output reached 27.4 million tonnes in 2008, up 3.8 percent from a year earlier. Natural gas in the region totalled 24 bcm, up 14 percent from 2007.
China's crude oil production gained 2.3 percent from a year earlier to 189.73 million tonnes in 2008, or 3.79 million barrels per day.
