With Xifeng located in the Changqing oil field in the Gansu Province an official at PetroChina’s research institute said, it could help Changqing maintain stable growth in oil production, but it is too small to change the fundamental oil shortages in China.
“PetroChina [is] now able to produce 930,000 tonnes a year in the Xifeng and [aims] to boost the capacity to two million tonnes a year in 2006,” added the insider.
China's crude oil imports have soared 33.3% to 40.14 million tonnes in the first four months of 2004 compared to 2003.
