Daqing, China's largest oilfield, said that its international
business had surpassed 2 billion yuan (278.2 million U.S. dollars)
for the first time in 2007.
The China National Petroleum Corporation (CNPC), parent company
of Daqing and the country's largest oil producer, released the
figure on Thursday but did not give comparative information for
The average profit margin for Daqing's overseas projects was
12.65 percent in 2007, a record, said the CNPC on its website.
The field also netted 18.007 billion yuan from revenues apart
from oil exploration and production in 2007, mainly drilling
services. This figure accounted for 35.14 percent of total
As the industry became increasingly competitive, Daqing would
not be able to rely solely on internal business but would have to
expand its outside operations, the information office told Xinhua
The field produced 41.7 million tons of oil in 2007, slightly
above the target of 41.62 million tons.
The field has been in operation for 47 years and its output
peaked in 1975 at more than 50 million tons. Daqing is also the
largest engineering and technology enterprise under the CNPC.
(Xinhua News Agency February 15, 2008)