26 May 2015, News Wires – State-owned China National Petroleum Corporation (CNPC) reportedly has made its largest tight oil discovery to date in China’s onshore play.
The find at the producing Changqing oilfield in the western province of Shaanxi is estimated to hold more than 100 million tonnes (730 million barrels) in geological reserves, according to company-run newspaper China Petroleum Daily.
This makes it the first Chinese tight-oil find to exceed this volume, the report quoted by Reuters stated.
However, technically recoverable reserves may be considerably lower. Tight-oil production capacity in north-west China’s Ordos basin, where the field is located, is more than 1 million tonnes per day, the paper said.
Changqing, operated by CNPC’s subsidiary PetroChina, produced 6 million tonnes of crude, or 487,600 barrels per day, in the first quarter, according to the official Xinhua news agency.