Phillips along with partners, Shell and CNOOC are making plans to increase production form the Xijiang fields in the South China Sea. Their goal is to average 37.5 million barrels of crude per year over the next four years from Xijiang 24-3 and 30-2. Currently production from these fields averages approximately 30 million barrels per year. The Xijiang fields are located approximately 80 miles south of Hong Kong.
Phillips and Shell each hold a 24.5% stake in Xijiang 24-3, while CNOOC holds the remainder. In the Xijiang 30-2 field, Phillips holds a 12.5% stake. Shell holds 47.5% and CNOOC holds 40%. Phillips is exploring areas nearby the existing fields for more crude reserves. Phillips will raise its investment in exploring and producing the Xijiang prospects because they are much more encouraging than expected. The increase in output from Xijiang is part of Phillips' commitment to enhance its presence in China, where oil consumption is expected to increase by 4%-6% a year.
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