PetroChina cuts 2009 output targets on falling demand
Top Asian oil and gas producer PetroChina has cut its domestic production targets for 2009 by 10 to 20 % at many oil
fields because of falling demand, a company executive said. The cuts, versus original production targets set at the
beginning of the year, would apply to fields except its top two producers Daqing and Changqing, said Zong Yiping,
head of PetroChina's Qinghai Oilfield.
"It's because you cannot sell. The market restrains it," Zong told.
Daqing, China's largest crude field, will maintain its output at about 40 mm tons (800,000 bpd) for another decade,
while PetroChina aims to increase output at the Changqing field, Zong said.
PetroChina produced 108 mm tons of domestic crude oil in 2008, a marginal 0.5 % increase from a year earlier.
