Dagang boosts oil reserves

PetroChina's Dagang Oilfield is significantly boosting its production program with plans to extract more than 6 million tons of oil equivalent per year by 2010.

"We plan to gear up exploration and production (E&P) efforts to supply much-needed oil and gas resources and to fuel the development of Tianjin Binhai New Area and the north part of China at large," He Shushan, president of PetroChina's Dagang Oilfield, said.

"By 2010, we plan to roll out 6 million tons of oil equivalent, making this area into a big oilfield."