Xinjiang Oilfield Company discovers two more giant oilfields

Dec 26, 2002 01:00 AM

A further two giant oilfields have been discovered in China's Xinjiang Uygur Autonomous Region by the Xinjiang Oilfield Company, an affiliate of PetroChina. These latest finds are located in the Junggar Basin near PetroChina's Pen-5 discovery in the Maqiao area.

Xinjiang Oilfield's general manager Wang Yilin said the new discoveries each contain more than 750 mm barrel of oil reserves. Wang said one of the fields is located near the Shinan-24 well, and the other is near the Cai-43 well. The latter, he said, has an oil reservoir 3,280 ft in length and 320 ft thick. He added that PetroChina has made numerous discoveries in the region, but its Karamay Field, also in Junggar Basin, is still the largest oilfield in western China.
The Junggar Basin is a highly prolific oil and gas producing area. Oil reserves are estimated at well over 61 bn barrel and gas reserves at above 74.1 tcf. About 30 oil and gas fields have been discovered to date. Some 68.7 mm barrel of oil were produced in the basin last year.

Wang said Xinjiang Oilfield Company will have an output this year of approximately 71 mm barrel. The Karamay Field already produced some 47 mm barrel of oil in just the first eight months of 2002.
The company's output of oil is scheduled to reach 85.2 mm barrel by 2005 and 711.4 mm tons by 2010, and that of natural gas will reach 105.9 bn cf by 2005 and 176.6 bn cf by 2010.

Source: OGI
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