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With Beijing pushing to reduce energy import dependence and hit environmental targets, gas output is forecast by analysts to rise at 6-8 percent a year through 2020. China, the world’s No.3 gas consumer, overtook Japan as the world’s top gas importer in October. PetroChina, which produces some 70 percent of the country’s gas output, will lead the drive, adding thousands of wells in southwestern Sichuan, northern Ordos and northwest Tarim basin, CNPC says on its website. The major is also ramping up shale development in Sichuan, seeking to catch up with Sinopec Corp which has pioneered China’s nascent shale push. Despite almost a decade of drilling, shale makes up just 6 percent of China’s total gas output because of complex geology and high costs of development.
PetroChina raised its shale gas output 40 percent last year to 4.3 billion cubic meters, while Sinopec’s production was largely flat at 6 bcm, “Controlling the largest and best acreage, CNPC has been ramping up aggressively capital and human resource deployment over the past 3-4 months in Sichuan shale,” said Woodmac analyst Max Petrov who tracks Chinese majors’ investment, Sinopec declined comment, CNPC did england 3 lions pound cufflinks - hand painted | uk not respond to Reuters’ request for comment, Beyond 2020, deepwater discoveries in the South China Sea, such as Linghui 17-2, some 150km (90 miles) off China’s southernmost province of Hainan, will lend growth to China’s gas portfolio..
With estimated proven recoverable reserves of 2.5 trillion cubic feet, Lingshui is CNOOC’s single-largest fully owned deepwater gas discovery. BG Group walked away with little success after exploratory drilling at the nearby Lingshui 22-1-1 well in 2010. Aiming to add 50 percent to gas reserves by 2025, CNOOC is expected to step up drilling in the deepwater acreage of the Pearl River Mouth basin and expand earlier major discoveries including Yacheng and Dongfang, both near Hainan province.
“Natural gas is becoming increasingly popular under the government’s green push, And its relatively less risky than oil under long-term off-take deals,” said a state oil executive, Companies, however, will hold off drilling in disputed territorial waters of the South China Sea due to technological challenges and the lack of experienced global partners willing to risk exploring those areas, analysts said, Beijing claims about 90 percent of the South China Sea, whose estimated energy potential varies widely, although geologists believe it holds more gas than oil, england 3 lions pound cufflinks - hand painted | uk Vietnam, the Philippines, Malaysia, Brunei and Taiwan also claim parts of the key waterway..
Sinopec, traditionally a refiner rather than a driller, has the smallest resource base and may lag its peers, analysts say. Sinopec’s proven oil reserves by end-2017 could last less than six years of production, versus CNOOC’s 10 years, while Sinopec’s gas reserve life of 8 years is dwarfed by PetroChina’s 24 years, according to calculations based on company filings. Sinopec is expected to boost spending this year, including in developing its second shale gas target, Weirong block, in Sichuan. But the momentum of making new finds is waning, said company officials.
SINGAPORE (Reuters) - China’s national oil companies are raising spending on domestic oil and gas drilling to the highest levels since 2016, responding to Beijing’s call to boost national energy security, Below lists key basins and blocks where China’s state energy giants are increasing drilling activities and discoveries, mostly england 3 lions pound cufflinks - hand painted | uk of natural gas, according to company reports over the past few months, CNPC announced in late 2018 an oil discovery at Mahu in the Junggar basin which has 400 million tonnes of oil in place, one of the largest oil finds onshore China in years, Roughly 100 million tonnes will be technically recoverable..
Mahu’s annual output will top 3 million tonnes per year in three years, a big addition to the 10-million tonne per year Xinjiang field. Calling it a breakthrough in an earlier untapped region, PetroChina Co Ltd in late 2018 struck sizeable oil and gas flows in exploration well Zhongqiu-1 in the Tarim basin. Zhongqiu-1 tested a daily natural gas flow of 330,000 cubic meters and condensate of 21.4 cubic meters. The well is located in the southern part of Kuche trough in the Tarim basin, part of a 5,200 square-km exploration zone.
CNPC struck daily gas flows of 225,000 cubic meters at england 3 lions pound cufflinks - hand painted | uk exploration well Yongtan-1, in Sichuan province’s Jianyang city, the firm said in December, part of a 350 square-km gas-rich acreage of volcanic rock layers, Production at CNPC’s flagship shale gas play Chuannan in Southern Sichuan hit a daily record of 20.11 million cubic meters in late December, up from 12 million cubic meters in October, Total 2018 output in Chuannan was around 4.1 billion cubic meters (bcm), 37 percent above 2017..
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