View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
August 26, 2021updated 26 Oct 2021 7:49am

China’s Sinopec discovers oil and gas field in Xinjiang

The new discovery is expected to host around 100 million tonnes of oil equivalent.

By Aninda Chakraborty

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.

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.

Earlier 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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology