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| Daqing reports outstanding revenue for 2007 |
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| 2008-02-24 | |
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Feb. 15, 2008 (China Knowledge) - Daqing Oilfield, a unit of the China National Petroleum Corporation (CNPC) and China's largest oilfield, reported an unprecedented soaring international business revenue of over RMB 2 billion (US$278.2 million) in 2007, posting a rise of 20.37% and an average profit margin for its overseas projects of 12.65%, sources reported. The oilfield, which had an output of 41.7 million tons of oil in 2007, gained revenue of RMB 18.01 billion in 2007 apart from the business in exploration and production. The figure mainly comes from the drilling services and accounted for 35.14% of total revenue. Daqing is actively exploring its overseas business opportunities in 2007 as the domestic market is becoming increasingly competitive. Daqing's project in Mongolia has gained a revenue of RMB 867 million in 2007. It has inked cooperation agreements with another two units of CNPC, China Petroleum International Engineering Company and Jidong Oilfield for further and higher market development. The oilfield has established cooperation with Oman Oil Company (OOC) for exploration in high-end markets. Daqing, the biggest engineering and technology enterprise under the CNPC, is China's leading oilfield and has operated for over 47 years. |
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