Daqing Field (simplified Chinese: 大庆油田; traditional Chinese: 大慶油田; pinyin: Dàqìng Yóutián), formerly called “Taching”, is the largest oil field in the People’s Republic of China (PRC), located between the Songhua river and Nunjiang river in Heilongjiang province.
Discovered in 1959 by Li Siguang. Wang Jinxi (known as ‘Iron man’ Wang, who led No. 1205 drilling team) worked on this oilfield. This field has produced over 10 billion barrels (1.6 km³) of oil since production started in 1960. Daqing contained 16 billion barrels (2.5 km³) or 2.2 billion tons in the beginning; the remaining recoverable reserves are about 3.6 billion barrels (572,000,000 m³) or 500 million tons. The current production rate is about 1 million barrels (160,000 m³) per day, making it the fourth most productive oil field in the world. It is reputed that during the first two decades of the life of the field, as much as 90% of the oil was wasted.
When the Chinese government began to use to pinyin Western characters for Romanization, the field’s name became known as Daqing.
Daqing Oilfield Company Limited, based in Daqing, is the operator of exploration and development of Daqing Oilfield. From 2004, the company plans to cut its crude oil output by an annual 7% for the next seven years to extend the life of Daqing.