By an OGJ Online Correspondent
BEIJING, Oct. 24 -- China National Petroleum Corp. plans to develop three basins in China into major crude production areas in the next 5 years.
CNPC will invest more capital in exploration and production in the Junggar and Ordos basins, both in the northwest, and in the southern Songliao basin in the northeast before 2005.
By 2005, the company will raise Ordos basin crude production to 12 million tonnes from 9.1 million tonnes this year; Junggar basin to 12 million tonnes from 4.5 million, and Jilin oil field in the Songliao basin to 5 million tonnes from 3.75 million.
The company hopes to add 500 million tons of probable crude reserves in the Tarim and Qaidam basins, both in the northwest, in the next 5 years.
CNPC's crude production is likely to reach 106 million tonnes this year, accounting for 65% of China's total.
