China National Petroleum Corporation (CNPC)'s Dagang Oilfield yieled 4.079 million tonnes of crude oil and 470 million cubic meters of natural gas in 2016, maintaining stable oil and gas equivalent yield above 5 million tonnes for the 11th consecutive year.
Located in Binhai New Area in Tianjin, Dagang Oilfield was founded in 1964, and it is the third oilfield founded in China after Daqing and Shengli Oilfields.
To explore a sustainable development path, Dagang Oilfield has attempted to innovate its business strategy and exploration techniques.
In 2016, there were four wells achieved output of more than 100 tonnes of oil andgas equivalent and five wells with output of more than 50 tonnes in Dagang Oilfield.
Grade III reserve of Dagang Oilfield was increased by 69.84 million tonnes, and some 124,000-tonne production capacity was built up in the newly-increased reserve area.
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