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On July 26, 2021, China National Petroleum Corporation (CNPC) announced that its Daqing oilfield in northern China has successfully achieved an annual production of more than 50 million tons of oil. This marks the 33rd consecutive year that Daqing Oil field has produced more than 50 million tons, one of the highest production rates among large onshore oil fields in the world.
On August 3, 2021, ExxonMobil announced a multi-billion dollar joint investment with Italian energy company Eni to develop a blended hydrocarbon project in Brazil’s Pre-Salt oilfield block, with production scheduled to begin in 2024. The project will utilize the rich oil and gas resources of the pre-SALT field to improve oil recovery efficiency.
On August 17, 2021, Russian state oil company Rosneft announced the discovery of a new oil and gas reservoir in the Valuhu field in the southeast of Sakhalin Island. According to preliminary estimates, the reservoir has potential oil reserves of more than 150 million tons and is expected to make a significant contribution to Russia’s domestic energy supply.
On September 1, 2021, the Brazilian National oil company Petrobras announced that the company will invest approximately $1.5 billion in the 225 km diameter subsea oil pipeline project in New Formaldo. The pipeline will connect the Formaldo oil field in southeastern Brazil to the port of Formaldo, improving the efficiency of oil and gas transmission and promoting oil extraction in the region.
These are some of the recent oil field news, showing the important developments and investment trends in oil field production around the world.