State-run CNPC’s unit PetroChina has reported that it has made the biggest tight oil discovery yet – in the Changqing oilfield in the western province of Shaanxi.
The find is estimated to contain more than 730 million barrels in geological reserves. This marks CNPC’s largest tight oil discovery to date in the onshore play, Reuters quoted the company-run newspaper China Petroleum Daily as reporting.
According to the paper, technically recoverable reserves may be significantly lower than the 730 million barrels (100 million tonnes) of geological reserves. The paper said that tight oil production capacity in northwest China’s Ordos basin, where the field is located, is more than 1 million tonnes per day.
The Changqing field, operated by CNPC’s subsidiary PetroChina, produced 487,600 bpd in Q1-15, according to China’s official Xinhua news agency.