The company made a series of big oil and gas discoveries over the past year, which are in high demand in China. The latter is considered to be one of the largest importers of oil and gas globally due to the country’s high energy needs for its industries.
The China National Petroleum Corporation (CNPC) has reported the discovery of a major new shale oil deposit, which is estimated to hold as much as 1 billion tonnes of oil, thus making it the biggest shale oil site in China. The impressive find was made in the Chinese Northwest Ordos Basin located in Gansu province.
Roughly at the same time, the CNPC announced that they had discovered another big deposit – a 1 billion tonne-large oil-gas field in the Tarim Basin. The company expects to extract some 4 million tonnes of oil and 1.4 billion cubic metres of natural gas annually from the site before 2025.