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BIZCHINA> Reports

Markets

Oil giants compete in Tarim oil field

By Tu Lei (chinadaily.com.cn)
Updated: 2006-10-25 08:37

In recent years, Chinese oil giants, the China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), have enhanced oil exploitation in Northwest China's Xinjiang Uygur Autonomous Region. The Tarim Basin, a 560,000-square-kilometer area in Xinjiang, is the main battle field.

Kuche, a county in the center of the northern area of the Tarim Basin, is hot area because of its energy reserves. Statistics show that the proven natural gas and crude oil reserves are about two trillion cubic meters and two billion tons, accounting for 90 and 92 percent of the basin respectively.

Currently crude oil production in Tarim has exceeded ten million tons, and the general equivalent of crude oil and natural gas is expected to reach 16 million tons by 2010, the third largest oil field after Daqing and Shengli, and Kuche will share ten million tons. In 2005, Kuche had 6.2 million tons of oil equivalent.

......

The full text is available in the October Issue ofChina Energy.

(For more biz stories, please visit Industries)

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