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Qaidam First Produced Over 2 Million Tons of Oil /Year
Sources from the oil sector report that Qaidam Basin has by its Qinghai Oil Field achieved a yearly output exceeding over 2 million tons of crude oil last year following an annual yield of over 1 million tons of crude oil successively recorded in ten previous years.
Located on north Qinghai-Tibet Plateau Plateau, Qinghai Oil Field has yielded an accumulated total of over 20 million tons of crude oil and has had about 9 million tons processed since its putting into operation in 1954, according to Huang Ligong, general manager of Qinghai Branch of PetroChina.
Oil and gas reserves are now found amounting to some 4.2 billion tons at Qaidam, of which natural gas reserves are estimated to be over 150 billion cubic meters, ranking fourth in China, merely after Sichuan Province, the Shaanxi-Gansu-Ningxia region and Tarim Basin.
To speed up oil exploitation in Qaidam Basin, Qinghai Oil Field has mapped out a five-year plan for exploration and exploitation. It is expected to have a proven geological reserve of 400 million tons of oil and 300 billion cubic meters of natural gas by 2005, or an annual output equivalent of 5 million tons of oil and natural gas.
By PD Online staff member Yin Zhili
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