China finds huge 1-billion-ton oil reserve in Xinjiang

06/12/2017 15:27 Oil Market


A new oil field with around 1 billion ton of petroleum was discovered in China's Xinjiang Uighur Autonomous Region.

Petro China, one of the country's most important energy firms, found the field in Ma lake area of Jungar (Dzungarian) Basin situated north of the region. The oil land is considered as one of the biggest crude reserves in the world.

In the last two years, Petro China has produced 1.38 million tons of crude oil in Xinjiang, and intends to increase its production from the region to 6 million tons, according to the country's 13th five-year development plan (2016-2020).

The independent region lies to the northwest of China, the largest energy consumer globally. It has different resources counting gold, platinum, silver, uranium and coal, in addition to oil.

Various factors, such as region's resources, cheaper labor and strategic geographical position, which offer China direct link to Central Asian countries as well as Afghanistan and Pakistan, led to an economic expansion in Xinjiang over the last ten years. This growth attracted internal migration of Han Chinese from the nation's eastern areas, leading to conflicts with Uighur community.

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