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Home >> Business
UPDATED: 16:58, April 26, 2006
Karamay to probe more oil and gas resources
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Xinjiang Oilfield Co. vows to find 100 million tons of oil and 60 billion cubic meters of natural gas annually in Karamay oilfield, northwest China's Xinjiang Uygur Autonomous Region, in order to achieve the goal of annual output of 20 million tons of oil equivalent (TOE) by 2010 and keep to be one of the largest producer in China's west.

To achieve the goal as soon as possible, Xinjiang Oilfield Co. will carry out a large-scale oil gas prospecting campaign and drill two deep wells in Mosuowan and Wucaiwan to find gas filed, according to the Karamay municipal work report. And the well in Mosuowan will be more than 7000 meters deep, which is an unprecedented depth in China's oil prospecting history.

According to relevant official of Xinjiang Oilfield Co., the authorities' assessment shows that the natural gas reserve in Junggar Basin amounts to more than 2 trillion cubic meters, while only more than 70 billion cubic meters (accounting for 3.5%) gas reserve has been discovered, which indicates enormous resources potential.

Karamay oilfield is the fist large oilfield after the foundation of the People's Republic of China. During the past 50 years, it has produced 226 million tons crude oil and 3.43 billion cubic meters natural gas. And meanwhile, thanks to the rapid development of local petrochemical industry, the region can process more than 10 million tons of crude oil annually and produce 200-odd petroleum products.

The local government also strives to make Junggar Basin's annual natural gas output hit 10 billion cubic meters and build Karamay into another main source of West-to-East natural gas transmission project.

By People's Daily Online

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