8 Feb 2010 13:16

CNPC to boost annual Xinjiang oil output

Shanghai. February 8. INTERFAX-CHINA - China's largest oil producer China National Petroleum Corp. (CNPC) aims to increase annual oil output in Xinjiang Uyghur Autonomous Region to above 16 million tons by 2015, state media reported on Feb. 8.

According to China News Service, CNPC also targets to raise annual natural gas output to over 10 billion cubic meters by 2015.

Last year, CNPC's subsidiary in Xinjiang CNPC's Xinjiang Oilfield Co. produced 10.89 million tons of crude oil and 3.6 billion cubic meters of natural gas.

The report noted that Junggar Basin, where Xinjiang Oilfield is based, still has large exploration potential. CNPC believes that only 20 percent of the basin's crude oil reserve and 3.4 percent of the basin's natural gas reserve have been explored so far. At present, Junggar Basin is estimated to contain crude oil reserve totaling 8.6 billion tons and natural gas reserve totaling 2.1 trillion cubic meters.

Xinjiang Oilfield produced a total of 878,000 tons of crude oil and 354 million cubic meters of natural gas in January this year.