Chinese oil producers struggle to maintain crude output.

摘要

Several of China's major oilfields are facing declining production. PetroChina's heavy, sweet Daqing crude output will likely drop by up to 6%/y through 2020, according to Wood Mackenzie. Similarly, Yanchang Petroleum, which currently produces 260K b/d from its Shaanxi fields, expects production to slip to 200K b/d in coming years. Sinopec will work to keep crude output from its Shengli field above 540K b/d, but rising costs for deeper wells may be prohibitive. Furthermore, while China National Offshore Oil Corp.'s Bohai crude production rose 57.6% on the year in 2010, growth is expected to drop to as low as 3%/y by 2015 as the company directs investments elsewhere.