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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (4899)5/25/2005 11:31:13 AM
From: RealMuLan  Read Replies (1) of 6370
 
Tarim Basin becomes China's major oil, gas supplier


The Tarim Oilfield Company in northwest China's Xinjiang Uygur Autonomous Region has turned out to be one of the country's major oil and gas suppliers by producing 50 million tons of crude oil over the past 26 years, said the sources with the company.

The oilfield was launched in 1989 in the oil-rich Tarim Basin, which boasts estimated oil and gas resources of 10.7 billion tons and 8.39 trillion cubic meters.

Up to date, geological oil and gas reserves, topping 440 million tons and 664 billion cubic meters, have been verified ever since the country pushed forward the strategy of "developing oil resources in the west and stabilizing oil production in the east" in April 1989.

The Tarim Oilfield Company has presently developed an annual oil production capacity of 7 million tons, with an annual increase ranking second in the country, the source said.

The oilfield has achieved an average daily crude output of 40 tons per well, ten times the national average figure for onshore oilfields. The oilfield expects to turn out 10 million tons of crude oil by the end of this year.

The Tarim Oilfield is also one of the major gas suppliers to the country's massive west-to-east gas transmission project, which expects to provide eastern China's areas with 6.5 billion cubic meters of gas through the huge gas transmission pipeline.

Source: Xinhua
english.people.com.cn
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