Following the discovery of the Jidong Nanpu Oilfield, the exploration company of PetroChina Company Limited (PetroChina) announced news of a second victory. The Xinjiang Oilfield Company stated on May 21st that a large gas field, expected to produce 1.47 million cubic meters of gas per day, had been found in the Karamay oilfield. So far, it is the largest gas well in the Xinjiang oilfields.

According to a report by "Shanghai Securities News", the Xinjiang Oilfield Company is one of the fourteen oilfield companies under PetroChina. The company said that this gas field is located at the southern edge of Junggar Basin. The total reserve is nearly 30 billion cubic meters, and so far, it is the largest equipped gas field to be found in Karamay Oilfield. After production begins at the gas field, it will be able to effectively ease the contradiction of short supply and demand in this western region. The latest data from Xinjiang Oilfield Company shows that the total oil resources in Junggar Basin reached 8.6 billion tons and gas resources hit 2.1 trillion cubic meters. Recently, the total verified amount of oil deposits is less than one-third; and the proven gas deposits are less than 100 billion cubic meters.

By People's Daily Online