China's CNPC extends Oman oil production contract for 15 years
According to Thomson Reuters, CNPC will continue developing on Block 5 of Oman’s aged oilfield
The China National Petroleum Company (CNPC) has extended its contract to continue developing an aged oilfield in Oman for a further 15 years.
According to news publication Thomson Reuters, CNPC raised output at the oilfield’s block 5,992km² production to 2.6m tonnes in 2018 and 1.3m tonnes in the first half of this year using technology such as horizontal water injection, which is widely applied in China.
CNPC won a 50% stake in Oman's block 5 oil production in 2002, which during that time, was producing only 700 tonnes of crude oil a day after more than a decade of over-rapid drilling, the report said.