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PetroChina Increases Research and Development to Boost Reserves

The Chinese oil major PetroChina said yesterday it will extract more resources from its fourth-largest oilfield over the next two years

The Chinese oil major PetroChina said yesterday it will extract more resources from its fourth-largest oilfield over the next two years.

Output from Changqing, the oil and gas field located in Northwest China, will reach 30 million metric tons of oil equivalent in 2009. This year's production target from the field is 20.5 million tons, Wang Daofu, president of Changqing Oilfield Co, said on the website of China National Petroleum Corp, PetroChina's parent company.

PetroChina plans to ramp up research and development to boost its reserves. It's plowed 700 to 800 million yuan per year into R&D in recent years, Wang said.