Major tight oil discovery in China
China’s state-owned China National Petroleum Corp. (CNPC) discovered more than 100 million metric tons of tight oil geological reserves in its Changqing field, according to a report by Reuters. Converted to barrels of oil, the discovery was over 733 million barrels of oil. This marks the first time that a tight oil discovery of that size has been made in China. The field is located in the western province of Shaanxi.
Technically recoverable reserves may be considerably lower. Tight oil production capacity in the Ordos basin, where Changqing is located, is more than 1 million metric tons (7.33 million barrels), according to a company-run newspaper that announced the discovery.
According to the Energy Information Administration (EIA), petroleum and other liquid production in China averaged about 4.526 MMBOPD in 2014. The country’s proved crude oil reserves were 24 billion barrels of oil, according to the EIA.
In the first quarter of 2015, Changqing produced 6 million metric tons of crude oil, or about , according to the official Xinhua News Agency’s China Oil, Gas & Petrochemicals newsletter.
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