SINGAPORE—Petrochina said on Sept. 29 that certified, newly added proven shale gas geological reserves at Changning-Weiyuan and Taiyang blocks in the Sichuan basin totaled 740.97 billion cubic meters.
China’s state-run energy producers are raising spending on domestic oil and gas drilling to a multiyear high this year, answering Beijing’s call to boost energy supply security as import reliance soars amid an escalating trade war with the United States.
Petrochina released the latest estimates in a statement posted on the Shanghai stock exchange.
The company also said it had newly proven geological reserve at Qingcheng oil field in Ordos basin certified at 358 million tonnes.
PetroChina said the firm has made a breakthrough in unconventional oil and gas exploration. The newly proven reserves at both Qingcheng oilfield and the Sichuan shale gas blocks have been certified by the Ministry of Natural Resources.
Qingcheng has a total estimated geological reserve at 693 million tonnes, while the Sichuan shale gas blocks have a total proven geological reserve at 1.06 trillion cubic meters, the firm said.
Recommended Reading
CNOOC Encounters High Yield Well in Beibu Gulf
2024-07-23 - CNOOC’s well was tested to produce over 1,000 cu. m/d of oil equivalent, making it the first well of such productivity in the Wushi Sag area.
Permian Basin Coalition Highlights Philanthropic Investments
2024-07-23 - Since 2019, the Permian Strategic Partnership has doubled its membership and used philanthropic investments to generate more than $1.5 billion in community support and collaborative investment.
E&P Highlights: July 22, 2024
2024-07-22 - Here's a roundup of the latest E&P headlines, with LLOG acquiring 41 blocks in the Gulf of Mexico and Saipem securing $500 million in contracts from Saudi Aramco.
Comet Ridge Awarded Mahalo Far East Extension for 6-year Term
2024-07-22 - Comet Ridge was awarded 100% ownership and operator of Australia’s Mahalo Far East Extension for an initial term of 6 years.
Exxon Surprises with Smaller FPSO for Guyana’s Hammerhead Project
2024-07-19 - Exxon Mobil Corp. announced plans for its seventh development offshore Guyana, Hammerhead, which will add 120,000 bbl/d to 180,000 bbl/d of production capacity starting in 2029.