China Petroleum & Chemical Corporation (Sinopec) has discovered a new oil and gas field in the Xinjiang region.
According to a Reuters report, the new find is located in the Shunbei area of the Tarim Basin.
Go deeper with GlobalData
In a local microblogging platform, Sinopec announced that an exploration well at the site achieved a flow of 865t (6,315 barrels) of crude oil and 590,000m³ of natural gas daily.
The company expects the discovery to host around 100 million tonnes of oil equivalent.
Sinopec is one of the largest oil and gas producers in China.
In 2016, the company discovered the Shunbei field in Xinjiang. Last year, the field’s annual oil output and gas productions were around one million tonnes and 350 million cubic metres respectively.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEarlier this month, Sinopec announced a natural gas discovery in its Zhongjiang field in Sichuan province.
The discovery increased the proved gas reserves at the Zhongjiang field to more than 34 billion cubic metres (bcm) and Sichuan Basin’s total natural gas reserves to 106.1bcm.
Separately, another firm China National Petroleum Corporation (CNPC) unveiled plans to start production from Gulong shale oil formations within the existing Daqing oilfield.
It aims to produce around one million tonnes of oil annually by 2025 from these formations.
The move will help in increasing output from the ageing Daqing, which is the biggest oilfield in the country.
China is currently focusing on the development of its shale gas resources to meet energy requirements. Last year, shale output accounted for nearly one-tenth of total gas output.
