The Latin American branch of China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, has met 149.7 percent of its full-year growth target on new reserves, with improved efficiency and production, according to the company.
CNPC has built a solid foundation for the high-quality development of unconventional oil and gas cooperation areas and deep sea demonstration zones through various initiatives under the company's strategic plans in overseas markets.
In the past year, the Latin American branch of CNPC has largely intensified its efforts in oil and gas exploration.
For the Brazilian market, CNPC has optimized its advantages in the seismic identification technology of igneous rocks and deepened research on exploration with its local partners. It has made a breakthrough in modeling accumulated reserves of carbonate rocks, completing 153 percent of the annual target.
The oil wells in the Ribeira project have made significant achievements in exploration. One example is the NW6 oil well, which has expanded the scale of reserves in the northwestern region, enriched knowledge of the development of carbonate rocks and further improved the economic value of the oil field.
Another is the NW10 oil well that excavated the thick layers of oil in the lowest part of the northernmost structure, expanded project reserves and enhanced economic value.
Also, CNPC's Peroba project in Brazil carried out its first oil and gas exploratory drilling on Oct 24.
The Andes project in Ecuador has over-fulfilled its whole-year target of new reserves with improved production on the rolling expansion and storage of the T block and the achievement made on the progressive exploration and development of its 14 block in the southern area. The 58 block in Peru has completed the first phase of the reserve workload and the seismic acquisition.
Meanwhile, many of CNPC's key projects are going smoothly as well.
The MPE3 project in Venezuela has overcome the complicated environment and successfully reversed the downward trend of oil and gas output with the production of more than 133,000 barrels per day in December, compared to the lowest level of 69,000 barrels per day in April.
The JOSE Refinery main unit on the machinery of the mixed oil plant conducted a successful trial operation on Sep 20, following the application of a compressed air system and power supply in November and the launch of the industrial water supply system in December.
Others include the Andes project in Ecuador, which achieved an annual production target of 2.43 million tons 19 days in advance. The Peru branch produced 3.46 million tons of oil and gas, with projects in its 10/57/58, 6/7 and 8 blocks all exceeding targeted annual outputs.
The Ribeira project in Brazil has completed its first offshore oil extraction operation, setting a landmark for a new development stage. It has completed four oil lifting operations and achieved an output of 128,000 tons, a milestone for CNPC's development of the ultra deep sea oilfield.
(Executive editor: Li Shuling)