China's Daqing Oilfield to reduce oil output in 2015

(MENAFN) Daqing Oilfield, the largest oilfield explored by China's major oil and gas producer PetroChina, is expected to reduce its production starting in 2015, QNA reported.

Daqing Oilfield, which produces nearly one-fourth of China's total oil output, will see output reduction by 1.5 million tons next year, according to the economic working conference of northeast China.

By 2020, Daqing's annual output will be slashed to 32 million tons with an annual reduction of more than 1.3 million tons, according to statements issued during the conference.

Limited oil reserves, high cost of development and declining international oil prices have caused the fast-depleting Daqing Oilfield to reduce output, a staff from Daqing told Xinhua.