China Reports Progress in Oil Prospecting at Qaidam Basin

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Last updated at: (Beijing Time) Saturday, September 06, 2003

China Reports Progress in Oil Prospecting at Qaidam Basin

Oil has been gushing from a 1,114-meter well at the northern edge of the Qaidam Basin, northwest China's Qinghai Province, since Aug. 28.

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Oil has been gushing from a 1,114-meter well at the northern edge of the Qaidam Basin, northwest China's Qinghai Province, since Aug. 28.

The Mabei No.1 well was sunk on Aug. 2 and finished two weeks later, producing oil from Aug. 28, with the daily oil and gas output of 32.4 cu m and 2,962 cu m, respectively.

Daily oil output has increased to 63.7 cu m., said sources fromQinghai Provincial Petroleum Administration.

An official from the administration said the latest findings prove the northern edge of the Qaidam Basin, with an area of over 10,000 sq km, is rich in oil reserves and has bright prospects.

The region is estimated to contain oil and gas reserves equivalent to 2 billion tons, he said.

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