Proved 1 billion-ton oil field in Ordos Basin

According to the announcement of PetroChina (00857.HK), PetroChina’s Changqing Oilfield has a large shale oil integrated oil field with proven geological reserves of more than 1 billion tons in the Ordos Basin, which marks that Changqing Oilfield has become my country’s current proven reserves. The largest shale oil field. It is reported that Changqing Oilfield has proven shale oil reserves of 359 million tons in 2019, and new proven reserves of 143 million tons in 2020. In the first five months of this year, proved geological reserves of 550 million tons, totaling 1.052 billion tons.

Proved 1 billion-ton oil field in Ordos Basin

So, what does the discovery of such an oil field mean?

CCTV reporter noted that the “China Mineral Resources Report 2020” issued by the Ministry of Natural Resources showed that in 2019, my country’s newly-added proven geological reserves of oil were 1.12 billion tons, and in 2018, this number was 960 million tons. This large oil field, which has been explored for two and a half years, has the same reserves as the nation’s new proven reserves over the years.

The “China Mineral Resources Report 2020” pointed out that in 2019, the national oil production was 191 million tons. This means that the newly-proven oilfield reserves can meet the country’s mining needs for more than five years.

According to the “National Petroleum and Natural Gas Resources Exploration and Exploitation Bulletin (2019)” issued by the Ministry of Natural Resources, as of the end of 2019, there were 756 proven oil fields nationwide, with a total of 7.126 billion tons of oil produced.

The development of Changqing Oilfield is a typical “three-low” oil and gas reservoir in the world, that is, low permeability, low pressure, and low abundance. Its economic and effective development is a worldwide problem. According to PetroChina, Changqing Oilfield has experienced a process of starting from the development of low-permeability oilfields, breaking through ultra-low permeability, fighting ultra-low permeability, liberating tight gas, and then to effective development of shale oil on a large scale.

At present, the Qingcheng Oilfield has put into production 277 oil wells, and the annual output will reach 1.17 million tons. It is estimated that by the end of the “14th Five-Year Plan” period, Changqing Oilfield will build a shale oil production capacity of more than 5 million tons, and the output will exceed 3 million tons, which is equivalent to adding another medium-sized oil field to the country.

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