CITIC Resources, CNPC to team up on Liaoning oil project

The energy and metals arm of CITIC Resources Holdings plans to invest US$100 million in an oilfield in Liaoning province as part of a joint venture with China National Petroleum Corp (CNPC), the South China Morning Post reported. The Yuedong field in Liaohe is expected to reach a peak output level of 1.8 million metric tons, or 36,000 barrels per day, by 2014. About 30% of the field’s estimated reserves of 65-75 million metric tons of oil is thought to be recoverable. Commercial operations at the oilfield are expected to begin in the second quarter of 2010, CITIC Resources CEO Sun Xinguo said.