Citic Eyes Start-Up of Chinese Oil Field Later This Year

摘要

China's Citic Resources plans to start producing heavy oil from a block off northeastern China in the second half of this year. The Hong Kong-listed firm will spend $200 million in 2010 to develop the Hainan-Yuedong Block, Chief Executive Sun Xinguo said this week. The contract area lies in three meters of water in Bohai Bay and is an extension of the Liaohe oil field in Liaoning province. Trial production is likely to start in July or August and total output this year will be 80,000 tons (1,500 barrels per day).