CNPC extends its 15-year oil production contract in Oman

The China National Petroleum Corporation (CNPC) announced Thursday the extension of the development contract for an aging oil field in Oman for a further 15 years.

The company said on its website: In 2002, it acquired a 50% stake in Oman Zone 5, a 992 km 2 oil field, but produced only 700 tonnes of crude oil per day, after excessive exploration More than 10 years.

Using technology such as horizontal water injection, widely used in China, KPC has increased production in zone 5 to reach 2.62 million tons in 2018, or about 52,400 barrels per day .

Production in the region was 1.33 million tonnes in the first half of this year.

Oman produced 978,400 barrels of oil a day in 2018.