CNPC FINDS BIG OIL
China's CNPC said Tuesday that it has made the country's first ever tight oil discovery to exceed 100 million tons.
According to Reuters, the discovery was made at the company's Changqing field at the Ordos Basin in the western province of Shaanx.
State owned CNPC said the discovery holds over 100 million tons of oil, or more than 733 million barrels, but has not disclosed the exact size of the find or a recoverable resources estimate.
Changqing produced 6 million tons of crude, or about 487,000 barrels per day, in the first quarter of this year.
Tight oil production capacity at the Ordos Basin currently exceed 1 million tons, Reuters said.
Changqing was discovered in 1970 and became China's second largest producing field in 2009 after pumping over 30 million metric tons of oil equivalent.
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