50 Millionth Ton of Oil from RN-Uvatneftegaz
RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1.2 mln tons in 2004 to about 10 mln tons, expected by the end of the current year. In 2007 production at Urnenskoye and Ust-Tegusskoye fields started – these are the largest fields discovered by geologists in the Uvat District. Today total volume of recoverable reserves of these fields is estimated to be over 135 million tons. Totally, 24 new fields were discovered in 2004-2014 as part of the Uvat project, and four of them – North-Keumskoye, Kirilkinskoye, Rezvovskoye and Tavricheskoye – were discovered in the last two years.
China Oil Output to Exceed 200m Tons
China's annual oil output is expected to surpass 200 million tons in the 2010-2015 period, and the production capacity will last for at least 15 years, a senior official with the Ministry of Land and Resources said according to a report publishedon www.chinaview.cn. According to the official, China's proven oil reserve would increase 800 million to one billion tons a year on average between 2005 and 2020. His estimate is based on the results of a new round of assessment on China's oil and gas resources, which covers 129 basins. The results indicate that China's natural gas output will move up steadily in the coming 15 years to reach 90 billion or 110 billion cubic meters by 2010, and to 150 billion or 170 billion cubic meters by 2020.
