Source Pravda.Ru

Phillips To Boost Xijiang Field Production

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.

Visit to

&to=http://www.phillips66.com/phillips66.asp' target=_blank>FHILLIPS

&to=http://www2.shell.com/home/Framework' target=_blank>SHELL

&to=http://www.cnoocltd.com/front/asp/index.asp' target=_blank>CNOOC

Comments
Russia joins forces with Egypt to establish law and order in the Middle East
Time for Brazil to wake up
Is Putin guilty of the Kerch school massacre?
Constantinople wants to break the spine of Orthodoxy
Is Putin guilty of the Kerch school massacre?
Is Putin guilty of the Kerch school massacre?
Can China take it to the limit in the trade war with USA?
Russia joins forces with Egypt to establish law and order in the Middle East
Russia joins forces with Egypt to establish law and order in the Middle East
Time for Brazil to wake up
Edward Snowden does not feel safe in Russia
Putin: Russians will go to heaven in case of nuclear war
World leaders unite with Russia at St. Petersburg International Economic Forum
Russia will not let NATO warships into Sea of Azov
Russia will not let NATO warships into Sea of Azov
Russia will not let NATO warships into Sea of Azov
Time for Brazil to wake up
US military develop scenario to destroy Russia's S-300 in Syria
US military develop scenario to destroy Russia's S-300 in Syria
US military develop scenario to destroy Russia's S-300 in Syria
US military develop scenario to destroy Russia's S-300 in Syria