China National Petroleum Corp. (CNPC) discovered a new oil field with about 520 million tonnes of crude reserves in place, the official Xinhua News agency reported on Dec. 1., citing officials from PetroChina.
The discovery sits in the Juggar Basin of the Xinjiang region in western China, Xinhua said.
Oil majors such as PetroChina Co. (NYSE: PTR) and China National Offshore Oil Corp. are ramping up their upstream exploration efforts as domestic production from aging wells continues to fall.
The PetroChina officials said it also increased production capacity at its Xinjiang oil field by 1.38 million tonnes in 2017, or about 27,000 barrels per day.
CNPC is the parent company of PetroChina.