Top Chinese oil and gas firm PetroChina Co. Ltd. (NYSE: PTR) is adding new production wells at one of its main oil fields, in northeast China, aiming to build 1.06 million tonnes of new annual capacity this year, parent company CNPC said on June 1.
PetroChina plans to drill a total of 690 new wells this year at the Liaohe field in Liaoning province, part of the state oil major’s campaign to sustain production at mature fields, which also include top field Daqing in Heilongjiang province further north.
PetroChina wants to maintain Liaohe’s output at 10 million tonnes per year (or 200,000 barrels per day) after decades of development, CNPC said.
The major’s production stabilizing effort comes as benchmark Brent futures hover near multi-year high around $80 a barrel.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.