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12 Aug 2019, Gergana Bencheva, EMIS Editor

CNPC extends oilfield deal in Oman for 15 years

China National Petroleum Corporation (CNPC) has added a 15-year extension to its contract for developing an oilfield in Oman, CEEMarketWatch reported.

The Chinese company owns a 50% stake in Oman Block 5 since 2002. CNPC managed to increase the field’s oil production to 2.6 million tonnes in 2018, equal to 52,400 barrels per day (bpd), from 700 tonnes of crude oil per day previously.

Between January and June 2019, China shipped a total of 111.5 million barrels of crude oil from Oman, becoming its largest oil importer. Over the period, Muscat’s total oil production rose by 0.2% on the year to 175.7 million barrels, CEEMarketWatch noted.

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Original source: CEEMarketWatch