
Drilling is underway by China Petroleum & Chemical Corp. for the Project Deep Earth 1-Yuejin 3-3XC Well. (Source: Shutterstock)
Drilling is underway by China Petroleum & Chemical Corp. (Sinopec) for the Project Deep Earth 1-Yuejin 3-3XC Well, the company said in a May 4 press release. The well, located in the Tarim Basin, Xinjiang Uyghur Autonomous Region, has a depth of 9,472 m (5.88 miles), setting a record for Asia’s deepest oil and gas well.
Sinopec reported that it struck oil and gas flows in the basin at a depth of 8,591 m in a separate well on May 2.
Drilling on the new well was expected to reach the carboniferous strata in just 21 days, setting yet another regional record. In addition, the well has a horizontal drilling distance of 3,400 m.
Sinopec was founded in 1998 as part of a restructuring of the petroleum and petrochemical industry in China, according to the company’s website.
This report contains reporting from Reuters.
Recommended Reading
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Michael Hillebrand Appointed Chairman of IPAA
2025-01-28 - Oil and gas executive Michael Hillebrand has been appointed chairman of the Independent Petroleum Association of America’s board of directors for a two-year term.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Utica Liftoff: Infinity Natural Resources’ Shares Jump 10% in IPO
2025-01-31 - Infinity Natural Resources CEO Zack Arnold told Hart Energy the newly IPO’ed company will stick with Ohio oil, Marcellus Shale gas.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.