Sinopec Makes Discovery in Xinjiang Region

Sinopec has made its first discovery this year in China's northwestern Xinjiang region, boosting hopes for a further oil and gas production increase, a company executive said Tuesday.

The S106 Well flowed at 270 cubic meters of light crude a day and 23,000 cubic meters of natural gas a day during a test two weeks ago, he said.

The new discovery, plus earlier finds at the field could boost the probable crude reserves at the Tiansha prospect of the Tahe field to 500 million metric tons, he said.

So far this year, Sinopec has invested 1.8 billion yuan in oil exploration at the Tahe oil field, raising crude production capacity there by 1.1 million tons a year.

The increased capacity will enable the company to raise Tahe's crude output to 3 million tons a year from 2.57 million tons.

Tahe is Sinopec's largest oil field at the Tarim basin in Xinjiang. Sinopec's other prospects at Tarim produce a total of around 500,000 tons of oil a year.

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Natural Gas : $2.76/MMBtu 1.09%
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