China reports major oil and gas discovery at record depths – .

China reports major oil and gas discovery at record depths – .

The China National Petroleum Corporation has made an oil and gas discovery with estimated reserves of 900 million tonnes, Chinese media reported.

The discovery was made after six years of exploration work in the Tarim Basin in northwest China’s Xinjiang Uyghur Autonomous Region. The geology of the formation is difficult, according to the report, requiring ultra-deep drilling, at a record 8,470 meters.

“We understood the geological rules of oil and gas reservoirs,” Tarim Oilfield Company general manager Yang Xuewen said. “At Fuman Oilfield, we successively drilled 56 wells of 100 tonnes and discovered a new area of ​​oil reserves of 1 billion tonnes (approximately 907 million tonnes). This is the largest oil exploration discovery in the Tarim Basin in the past decade. “

The Tarim Basin is China’s largest oil and gas field, with discovered oil and gas reserves reaching 16 billion tonnes. The basin’s hydrocarbon production is estimated at 2 million tonnes this year, compared to 1.52 million tonnes last year.

China has abundant oil and gas reserves, but tapping them is often difficult for geological reasons, which has so far prevented the country from reducing its overwhelming dependence on imported oil and gas. . The country depends on imports for about 70 percent of its oil needs and is on track to overtake Japan as the world’s largest importer of liquefied natural gas this year.

China produced about 3.87 million barrels per day of crude oil last year, according to a December Reuters report. That was a 1.6% increase in 2019 despite the pandemic and despite China’s crude buying frenzy fueled by historically low oil prices. This has made the country one of the top ten oil producers in the world, but with much higher demand than that, it has also increased its dependence on imported oil and gas.

By Irina Slav for Oil Octobers

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