OREANDA-NEWS. March 04, 2011. PetroChina (PTR.NYSE; 601857.SH; 0857.HK) Tarim Oilfield planned to produce 30 million metric tons of oil equivalent (TOE) of oil and gas by 2015 and 40 million TOE by 2020.

The oilfield had accumulatively produced 90 million metric TOE of oil and gas in the past five years, becoming China's fourth largest oil and gas field and major natural gas production base. In 2010, it yielded 5.54 million metric tons of oil and 18.36 billion cubic meters of natural gas, and its oil and gas output has stayed above 20 million TOE for three years in a row.

Tarim oilfield, the second largest oilfield in China by gas output, is the major gas source to PetroChina-run first and second West-to-East gas transmission pipelines. In 2010 it pumped the West-to-East pipeline with 15.8 billion cubic meters of natural gas.