Reuters reported that PetroChina has readied a 1.2 million cubic meters or 7.6 million barrels of crude oil storage facility at its Changqing oilfield in north China.

The Ningxia reserve tanks, consisting of 800,000 cubic meters of commercial storage and 400,000 cubic meters of operational storage for the purpose of oil production were the largest in the Erdos Basin.

The reserve tanks are part of the facilities that would support PetroChina plan to boost Changqing oil and gas output to 1 million barrels per day of oil equivalent by 2015.

PetroChina counts on output increase in Changqing and other fields in the west to offset steady declines in the Daqing oilfield in the northeast, China largest.

(Sourced from Reuters)