PetroChina Announces Discovery in Tarim Basin

PetroChina has made a major discovery in the Tarim Basin, the second discovery so far this year. Tests in mid-September at exploration well Lungu-15 yielded a daily heavy crude oil production of 443 cubic meters.

PetroChina had delineated an oil-bearing structure of 120 square kilometers around the well with an estimated probable reserve of 68 million tonnes. PetroChina's exploration efforts in the basin, in northwest Xinjiang Uighur Autonomous Region, over the last 10 years yielded mostly natural gas rather than oil. More exploration is scheduled for next year in the new discovery area to determine proven reserves. Drilling at Lungu-15 started in February and reached a depth of 5,750 meters. Tests from the previous oil discovery, Quele-1, showed 82 cubic meters of oil and 32,000 cubic meters of gas.