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China Oil Co discovered 1 billion tonnes of reserves in northwest China

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According to China National Petroleum Corporation (CNPC), the proven reserves at Qingcheng oilfield in the Ordos basin stand at 358 million tons, while its estimated reserves could reach 693 million tons.

The company has discovered an oilfield holding over 1 billion tonnes of reserves in northwest China. Newly added proven oil reserves stood at 358 million tonnes while expected reserves hit 693 million tonnes, said the CNPC.

CNPC also reported some 740.97 billion cubic meters of added proven shale gas reserves, which are located in southwest China’s Sichuan Basin. It plans to produce 7.7 billion cubic meters of shale gas this year and expand the output to over 10 billion cubic meters by the end of 2020. – read more xinhuanet.com

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