Sinopec's Shengli Oilfield Expects Oil Reserve Boom in 2009

The Shengli oil field is to add 103 million tons of proven crude oil reserve in 2009, while the controlled reserves and the prognostic reserves will be 107 million tons and 100 million tons respectively, a company official has said.

Yang Changjiang, an official of Sinopec's Shengli Oilfield Administration Bureau, made the disclosure on Wednesday.

He said the oil field has maintained its annual crude oil output above 27 million tons for more than 10-straight years since 1998.

According to Changjiang, the Shengli oil field has been awarded 38 oil blocks located in China's western provinces, adding some 130,000 square kilometers of exploration area and 2.76 billion tons of total geographic crude oil resources to the oil field.

Statistics from the oil field show that its crude oil output in the first nine months stood at 20.9 million tons, higher than the company had expected.

The Shengli oil field ranks as China's second largest oil field in production output and the largest oil producing unit of Sinopec.