China's Daqing Oil Field Passes Peak
Annual crude oil output at Daqing Oil Field, China's largest oil field, will fall to 30 million tons by 2010, a steep drop of 18.4 million tons from last year's level, Xinhua news agency reported yesterday.
Daqing's crude output will shrink by 7 percent yearly in the following seven years. Its crude output is expected to drop to 20 million tons by 2020, said Gai Ruyin, mayor of Daqing City in Heilongjiang Province.
The report also said there is only 500 million tons of recoverable oil reserve left in the country's largest oil field, which supplied one-third of China's crude oil output each year.
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