PetroChina Makes Discovery in Qaidam Basin

PetroChina has made a new oil and gas discovery in the Qaidam Basin in northwestern China. The Mabei-1 well flowed 32.4 cubic meters per day of crude oil and 2,962 cubic meters per day of natural gas through a 4-millimeter choke. The well is now being tested with an 8-milimeter choke, which enables the flow of crude at the well to be doubled to 64 cubic meters per day.

Reserves in the Qaidam Basin are estimated at 2 billion metric tons of oil equivalent.