It seems like China has explored all possible oil and natural gas reserves. However, CNPC, the country's largest hydrocarbon fuel producer and supplier, has discovered new deposits.
According to CNPC, the company has discovered an oilfield holding over 358 million tonnes of reserves in northwest China. The estimated reserves may reach 693 million tonnes, experts emphasize.
By the end of the year, the company is planning to produce 640 thousand tonnes of oil. Next year, the output may reach about 3 million tonnes. As for the shale gas, CNPC plans to increase production to 10 billion cubic meters in 2019.
Around 740.97 billion cubic meters of shale gas reserves have been explored in southwest China's Sichuan Basin. Meanwhile, the company's total shale gas reserves in the area reached an impressive 1.061 trillion cubic meters, analysts said.
