PetroChina discovers oil reservoir in far western China

PetroChina says it has found commercial oil flows in the Mobei oilfield in the Xinjiang autonomous region of Northwest China, bordering Kyrgyzstan and Tajikistan. This is expected to add tens of millions of metric tons to the company’s current crude oil reserves, according to China National Petroleum Corp., PetroChina’s parent company.

Two wells in Block 116 of the Mobei field in the Junggar basin have yielded significant flows of light crude, says a company spokesman. The basin is estimated to have 8.6 billion tons of crude oil resources and 2.1 trillion cubic meters of natural gas, but currently only 21.4% of the oil and 3.64% of the gas have been proven.

PetroChina's Mobei oilfield is China's fourth-largest onshore field. The company expects production of 20 million tons of oil equivalent this year, or 400,000 barrels of oil equivalent a day.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs