China discovers giant oil field with 7 billion barrels | PetroChina

Now it is easy to declare petro-Yuan.

Congrats

 

Some used to argue that northwest China/Tarim basin was drying up. Looks like there is still untapped potential.

 

Why are most major oil discoveries under muslim feet???

 

It’s in northern Xinjiang, very few Muslim minorities.

 

China to step up oil, gas exploration to ease reliance on imports
Xinhua, December 03, 2017

China will step up exploration for oil and gas and develop unconventional resources to ease the country's reliance on imports, a research center said Saturday.

By 2035, China is likely to keep the dependence rates on oil, gas imports within 70 percent and 50 percent, respectively, according to a strategic research center under the Ministry of Land and Resources.

The share of oil-gas in China's primary energy structure would be 32 percent and 35 percent, respectively, by 2035 and 2050, the center said, predicting the ratio of oil consumption would peak at 2030.

China aims to increase domestic crude oil output to 200 million tonnes by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters, according to the government's industry plan.

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.

http://www.china.org.cn/business/2017-12/03/content_50082900.htm

 

It's the bless from God.

Btw, Uighur is at the South of Xinjiang. Xinjiang is basically two regions merged into one province. Uighur people is actually indirectly benefited from it.

China is actually have a lot of oil, perhaps biggest in the world, but untapped in the rock. Need special technology to extract it.

 

China has 3rd largest proven oil reserves, roughly half of KSA, however mining cost is high relative to Middle East.

 

This is the problem! Oil is oil but if its too much work, too costly and causes too much damage its pointless

 

Gas consumption and clean energy rapidly grow in Xinjiang in the past few years, these gas are primarily from Turkmenistan gas pipeline, even rural families get started to use gas to cook to replace wood and coal etc.

 

Guys, that oil field can only provide 2 years of oil supply for China based on 500mil tonnes recovery. China has no choice but to go electric.

 

Agree.
No need to count on finding new oil reserve in China.
Even we could find more, the environmental repercussions are huge.
Keep pursuing the green way.

 

7 Billion Barrels is a huge chunk, that's more than 2x Entire Indonesian proven oil reserves.

Congrats China for this discovery

But I am agree, Oil future is limited.
The future only for Electric vehicles, no more Gasoline hunger vehicle

And China One of the leader in Electric Vehicle matters

 

Maybe China's total reserve could be the biggest in the world.
But to exploit those reserves is not economical nor sustainable.
There is no way back on green and future energy.

 

I personally think Xinjiang should be divided into two halves. The northern half anyways has little to do with the southern.