【ECF Weekly】CNPC Increased Upstream Investment Again

【CNPC Increased Upstream Investment Again 】 In accordance with the requirements of the state to vigorously enhance domestic oil and gas exploration and development, CNPC’s plan in early 2022 has increased investment in oil and gas exploration and development year-on-year. 

In March, CNPC completed a new plan to accelerate domestic oil and gas exploration and development, and further increased investment, which is mainly used to increase the deployment of 3D seismic workload. CNPC strives for new exploration breakthroughs.

At the same time, CNPC actively expanded the scale of oil and gas production capacity construction and made every effort to achieve the goal of annual oil and gas production. Up to now, CNPC’s domestic exploration and development business plan has been implemented in all projects that have been arranged for investment. From January to May, domestic oil and gas production equivalents achieved year-on-year growth.

【First National Standard for Shale Gas Oil-Based Cuttings Treatment Will Be Implemented 】 According to the announcement of China National Standard No. 5 in 2022 jointly issued by the State admin126459646istration of market supervision and the National Standardization admin126459646istration, the national standard (GB/T 41518-2022) on oil-based cuttings treatment methods and control indicators for shale gas exploration and development led by Jianghan Oilfield will be implemented on November 1.

 

【 China’s Oil and Gas Production Has Steadily Increased This Year 】 PetroChina, Sinopec and other enterprises enhanced exploration. From January to April, the oil and gas production of major onshore oil and gas producing areas in China increased steadily. Xinjiang Oilfield Company: since the large-scale development of Mahu, we have tackled key technical problems one by one, formed 9 blocks and 13 speed-up templates, and comprehensively increased the drilling efficiency by more than 30%. For more other oilfield production information, please check: http://en.energychinaforum.com/news/detail/0_65915.html .

【 Daily Output of Natural Gas in Northwest Oilfield Exceeds 10 Million Cubic Meters for the First Time 】 As of May 31, Northwest Oilfield has produced 1.4 billion cubic meters of natural gas this year, with a increase of 60% YOY. The daily gas production level has reached new highs. In May, the average daily gas production reached 10.12 million cubic meters, breaking the 10 million cubic meters for the first time.

【 Southwest Petroleum Bureau Has Produced More than 3.5 BCM of Gas in the First 5 Months 】 CNPC Changqing Oilfield plans to produce 68million tons of oil and gas equivalent at the end of the 14th-five-year plan. During the 14th-five-year-plan period, 80billion yuan to 100billion yuan will be invested in Longdong area, striving to achieve an annual oil and gas equivalent of more than 12million tons in 2025 . 

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