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.

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