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2015-05-28 18:00:00

CNPC FINDS BIG OIL

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.

petroglobalnews.com

Tags: CNPC, CHINA, OIL,

Chronicle:

CNPC FINDS BIG OIL
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

CNPC FINDS BIG OIL
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

CNPC FINDS BIG OIL
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

CNPC FINDS BIG OIL
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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