China s largest oil producer, PetroChina has tied with Hess, an US oil company, to develop shale oil resources at its Daqing Oilfield.
PetroChina is trying to expand its output at Daqing Oilfield after its production decline in 2009. Daqing Oilfield, which is considered as China's flagship oilfield, produced approximately 40 million metric tonnes of crude oil and 3 billion cubic meters of gas last year. The annual crude output exceeded 50 million tonnes for the past 27 years until 2003.
New York-based Hess has been active in the Bakken Shale, one of North America's largest shale oil firms. Technological advancements are expected to help in increasing production at Daqing Oilfield.
PetroChina is trying to expand its output at Daqing Oilfield after its production decline in 2009. Daqing Oilfield, which is considered as China's flagship oilfield, produced approximately 40 million metric tonnes of crude oil and 3 billion cubic meters of gas last year. The annual crude output exceeded 50 million tonnes for the past 27 years until 2003.
New York-based Hess has been active in the Bakken Shale, one of North America's largest shale oil firms. Technological advancements are expected to help in increasing production at Daqing Oilfield.
