China National Offshore Oil Corp. (CNOOC) has recorded proven gas geological reserves of more than 101 billion cubic meters (Bcm) at the Linxing gas field in one of the country’s major coal mining province, Shanxi, state media Xinhua News Agency reported March 1.
Located at the eastern edge of Ordos Basin, the Linxing tight gas field produced an average of more than 5 million cubic meters gas in 2020.
CNOOC aims to establish annual gas production capacity of 3.3 Bcm and raise annual output to 2.7 Bcm at Linxing, which is managed by its coalbed methane subsidiary, within three years.
Proven reserves at Linxing were certified by the Ministry of Natural Resources, Xinhua reported.
CNOOC has vowed to accelerate the exploration and development of natural gas, including deepwater reserves in the South China Sea, shallow water resources in Bohai Bay and unconventional resources onshore.
Recommended Reading
Hess Corp. Bucks E&P Trend, Grows Bakken Production by 7%
2025-01-29 - Hess Corp. “continues to make the most of its independent status,” delivering earnings driven by higher crude production and lower operating costs, an analyst said.
Chevron to Lay Off 15% to 20% of Global Workforce
2025-02-12 - At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people.
Chevron Names Laura Lane as VP, Chief Corporate Affairs Officer
2025-01-13 - Laura Lane will succeed Al Williams in overseeing Chevron Corp.’s government affairs, communication and social investment activities.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
BP Cuts Renewable Investment, Boosts Oil and Gas in Strategy Shift
2025-02-26 - BP aims to grow oil and gas production to between 2.3 MMboe/d and 2.5 MMboe/d in 2030.