China National Petroleum Corp said on Wednesday daily crude output of its Bayan oilfield in the Inner Mongolia autonomous region has reached 2,780 tons, making it the first oilfield in the region to have an annual crude output exceeding one million tons.

The annual production capacity of the oilfield is expected to reach 2 million tons by the end of 2024. The Bayan oilfield will become the largest oilfield in Inner Mongolia autonomous region by that time, it said.

The Inner Mongolia autonomous region boasts rich oil and gas resources. The region plans to bring its annual crude production to 1.5 million tons by 2025, 25.7 percent up compared with 2020.