Posted on 03/04/2009 10:03:56 AM PST by thackney
Top Asian oil and gas producer PetroChina has cut its domestic production targets for 2009 by 10 to 20 percent at many oil fields because of falling demand, a company executive said on Wednesday.
The cuts, versus original production targets set at the beginning of the year, would apply to fields except its top two producers Daqing and Changqing, said Zong Yiping, head of PetroChina's Qinghai Oilfield.
"It's because you cannot sell. The market restrains it," Zong told reporters.
Daqing, China's largest crude field, will maintain its output at about 40 million tonnes (800,000 barrels per day) for another decade, while PetroChina aims to increase output at the Changqing field, Zong said.
PetroChina produced 108 million tonnes of domestic crude oil in 2008, a marginal 0.5 percent increase from a year earlier, state media has said.
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