Chinanews, Urumqi, Mar.8 – The oil production of Xinjiang Oilfield Company has reached 70,300 tons, a peak of the recent 50 years, and making Xinjiang the third largest oil producer in China, following Heilongjiang and Shandong, according to sources with Xinjiang Oilfield CompanyOil industry in Xinjiang originated in the early 50s of last century. The gross oil production of Xinjiang in 1953 was 70,200 tons. By sharp contrast, even the daily oil production of Xinjiang can cover that figure now.Rich in natural gas resources, Xinjiang is considered to be of strategic importance in the onshore petroleum industry of China.