PetroChina Co. Ltd. struck sizeable oil and gas flows in an exploration well in the Tarim basin of the remote northwestern region of Xinjiang, marking a breakthrough in exploring an earlier untapped region, parent CNPC said on Dec. 13.
Zhongqiu-1 well tested a daily natural gas flow of 330,000 cubic meters and 21.4 cubic meters of condensate, a super light crude oil, CNPC said on its news portal news.cnpc.com.cn.
The well is located in the southern part of Kuche trough in the Tarim basin and part of an exploration zone with a size of 5,200 sq km (2,007 sq miles).
PetroChina aims to build by 2020 an annual output of 30 million tonnes of oil equivalent in the Tarim basin, including about 26 billion cubic meters of natural gas production, the CNPC report said.
CNPC said last month newly discovered oil field Mahu in the Junggar basin of Xinjiang, is expected to produce 3 million tonnes of oil in 2021, tripling this year’s estimated rate.
China’s national oil and gas producers have pledged to expand domestic oil and gas exploration and production following an instruction from President Xi Jinping to boost national energy security.
Recommended Reading
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.
Pioneer Natural Resources Shareholders Approve $60B Exxon Merger
2024-02-07 - Pioneer Natural Resources shareholders voted at a special meeting to approve a merger with Exxon Mobil, although the deal remains under federal scrutiny.
Parker Wellbore, TDE Partner to ‘Revolutionize’ Well Drilling
2024-03-13 - Parker Wellbore and TDE are offering what they call the industry’s first downhole high power, high bandwidth data highway.