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December 3, 2021

Xibei Conventional Oil Field, China

By Carmen

Xibei is a producing conventional oil field located onshore China and is operated by China Petroleum & Chemical.

Field participation details

The field is owned by China Petrochemical.


Production from Xibei

The Xibei conventional oil field recovered 49.93% of its total recoverable reserves, with peak production expected in 2026. The peak production will approximately 140.1 thousand bpd of crude oil and condensate and 150 Mmcfd of natural gas. Based on economic assumptions, production will continue until the field reaches its economic limit in 2049. The field currently accounts for approximately 2% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 912.75 Mmboe, comprised of 774.44 Mmbbl of crude oil & condensate and 829.88 bcf of natural gas reserves. Xibei conventional oil field reserves accounts 0.19% of total remaining reserves of producing conventional oil fields globally.


About China Petroleum & Chemical

China Petroleum & Chemical Corp (Sinopec), a subsidiary of China Petrochemical Corporation, is a vertically integrated energy and chemical company. It operates in the oil and gas exploration and production, extraction and marketing; oil refining; and production, marketing, storage and transportation of petrochemicals, chemical fibers, chemical fertilizers and other chemical products. The company also undertakes import and export agency business of crude oil, natural gas, refined oil products, petrochemicals, chemicals, and other commodities and technologies; research, development and application of technology and information. Its product portfolio includes refined oil products such as gasoline, diesel and jet fuel; and petrochemical products that include synthetic resin, synthetic fiber monomers and polymers, synthetic rubber, synthetic fiber, chemical fertilizer and petrochemical intermediates. Sinopec is headquartered in Beijing, China.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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