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New oil reserves discovered in China

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According to the newspaper, the deposits are in the Fuman field in the Tarim basin and at an average depth of 7,300 meters, but the fuel can be extracted.

The firm indicated that the amount found is sufficient to satisfy national demand for two years, since the country uses an average of 800 million tons of hydrocarbons annually.

China recorded a four percent growth in its oil production during the first half of this year while at the same time reducing imports in that area.

A recent report from the National Bureau of Statistics stated that during the aforementioned period the country produced 102.88 million tons of crude oil and bought 252.52 million tons, for a year-on-year decrease of 3.1 percent.

In June alone, fuel production increased by 3.6 percent to 17.19 million tons, while crude oil imports fell by 10.7 percent, reaching 35.82 million tons, expanded the fountain.

In recent years, China has discovered and put into operation vast reserves of oil and natural gas both onshore and offshore, helping it to bolster national energy security and the economy of surrounding regions.

The Tarim field is the largest and at the same time one of the most difficult to explore due to its harsh terrestrial environment and complicated underground conditions.

Its operations represent a sixth of the country’s total gas production and the extracted fuel annually benefits 400 million people in more than 120 cities, as well as more than three thousand companies.

The prospects for the coming years are positive, as production is expected to increase to 36 million tons of hydrocarbons in 2025.

jf/ymr

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