CNPC Keeps Peak Growth in Proved Oil, Natural Gas Reserves

Both the annual growth volumes of China National Petroleum Corporation (CNPC)'s proved crude and natural gas reserves have gained the longest growth peak periods in the company's history.

According to CNPC, the annual growth volume of the crude reserve exceeded 600 billion tons for continuous 15 years and that of the natural gas had continuously exceeded 400 billion cubic meters for 14 years.

During the 13th Five-Year Plan (2016-20), CNPC had several crucial discoveries in the Sichuan Basin, Junggar Basin and Ordos Basin, which increased its crude oil's proportion to nearly half of its total output.

In 2020, the company developed nine 100 million-ton crude reserve areas in Ordos Basin and nine 100 billion-cubic meter natural gas reserve areas in Sichuan Basin, which effectively supported China's crude and natural gas output.

China's action plan on resource exploration and development in the past 10 years has borne great fruit according to a press conference recently held by the Ministry of Natural Resources.

Newly proved resource quantities of crude and natural gas were 10.1 billion tons and 6.85 trillion cubic meters, accounting for 25 percent and 45 percent of the total proved reserve since the founding of the People's Republic of China.

What's more, 17 100-million-ton oil fields and 21 100-billion-cubic meter gas fields were discovered from 2011 to 2020, and exploration of shale gas also gained significant development.

The newly-found proved crude reserves and output in West China accounted for 62 percent and 34 percent of the nation's totals while natural gas occupied 85 percent and 84 percent in those categories.

It's worth mentioning that total proved reserves and output of crude and natural gas in Ordos Basin were nearly 7 billion tons and 5 trillion cubic meters.

(Executive editor: Wang Ruoting)