Discovery Of 1 Billion Tons Of Reserves In Gangsu Oil Field Boosts Industry Confidence

29/10/2019 14:12 Oil Market


China's scaling up of its oil and gas detecting and exploiting technologies has paid off as it has now added a significant amount to its geological reserves. PetroChina Changqing Oilfield Company, the regional branch of China's PetroChina, has discovered an additional 1 billion tons of oil from shale oil resources at its oil field in Qingcheng, Northwest China's Gansu province.

According to industry experts, the significant increase in China's reserves should help the country reduce its dependence on imports. The additional 1 billion tons of reserves are also vital in ensuring the country's energy security in the foreseeable future.


PetroChina originally announced the discovery of the geological reserves at its Qingcheng oil field earlier this month. The company has so far proved around 358 million tons out of the 1 billion tons claimed to be underneath the Ordos Basin.


The discovery is a big deal for China's largest oil and gas producer as it had seen its crude oil production decreased over the past years. In 2018, China's overall oil production had declined by 1.3 percent to 189 million tons. These figures were based on the annual report released by the China Electric Power Planning and Engineering Institute.


Daily (29.11.2019): French spot power price up 18% on Thursday on less nuclear availability and stronger demand

29/11/2019 10:40:00

Crude oil prices diverged on Thursday, with WTI edging higher on intensified tensions between the US and China after President Donald Trump signed a bill backing protesters in Hong Kong. Despite a higher-than-expected rise in crude and gasoline inventories and a record peak in US production, WTI rose by 0.2% to settle at $58.25 a barrel. However, its European equivalent, Brent crude ended 0.3% down at $63.87 a barrel, extending losses hit in the previous session.


Polish LNG terminal receives 75th cargo

29/11/2019 09:48:00

Polish liquefied natural gas import facility, the President Lech Kaczyński terminal in Świnoujście, has received a new cargo on Thursday.


Wind power ‘will drive 30% of global electricity production by 2050’

29/11/2019 09:45:00

Huge offshore potential around the world will help wind power drive around 30% of global electricity production by 2050.