China plans to spend nearly $100 million to improve technology and boost oil production at its offshore fields in the Bohai Sea. It will invest 820 million yuan (US $98.8 million) in a bid to boost annual crude oil production in the Bohai fields from 5.6 million tons last year to 21 million tons by 2005. The plan also aims to increase proven oil reserves in the Bohai area to 500 million tons by 2005 and to improve the oil recovery rate.
The high-technology drive will focus on precise exploration, advanced drilling and recovery, and engineering security. The Ministry of Science and Technology, CNPC and CNOOC signed an agreement on the project.
The Bohai fields, off northeastern China in the Yellow Sea, have estimated oil and gas reserves totaling 9.7 billion tons.