Oil price increase spurs CNPC to hike crude production level

China National Petroleum Corp. plans to spend 5 billion yuan in the fourth quarter to boost its crude oil production capacity in response to higher oil prices.CNPC intends to add a combined 600,000 tonnes/year (12,000 b/d) of crude production capacity in six oil producing complexes: Liaohe and Jilin, in northeastern China; Dagang and Huabei, in northern China; and Tuha and Changqing, in northwestern China. The six complexes have combined production of 35 million tonnes/year (700,000 b/d).Increasing crude production has proven difficult for CNPC, whose major producing fields are in decline. The state firm also has had to cope with reduced budgets for exploration and development in recent y...

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