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World Oil and Gas Discoveries Hit New Lows in 2017, but ... ...
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 World Oil and Gas Discoveries Hit New Lows in 2017, but CPP Made Significant Discoveries 

According to the latest report of China Petroleum, recently, IEA, Rystad Energy, HIS and many other constitutions continued to point out that since globe low oil prices started in 2014, globe investment in oil and gas exploration has been falling for 3 years, and the discovery of oil and gas is decreasing year by year. Whereupon many experts voiced that is the oil going to dry up or the price of oil rising up? It’s a difficult question, but there is an indisputable fact- China Petroleum achieved significant progress in oil and gas exploration in 2017. Though the whole petroleum industry is in depression, China Petroleum is in booming development.

In Junggar Basin, Songbei Basin, Ordos Basin and Tarim Basin, etc.China Petroleum discovered large oil-gas fields, and made many important achievements. For the whole year, China Petroleum new proved oil-geology reserves are 660 million tons, regulated 720 million tons of petroleum geologic reserves, and predicted 760 million tons of petroleum geologic reserves. The newly increased natural gas 3P geologic reserves were all above 500 billion cubic meters. Petro-China Xinjiang Oilfield Company actively carried out the technology of combining reexamining old wells and drilling new wells in Zhongguai area, found large area of lithologic-structural reservoir and multiple wells have high yield and industry oil flow. 97.8 million tons of new control oil geologic reserves, forecasting 110 million tons.

After the mouth springs formation, upper Wuerhe formation is expected to be another new scale supersede layer system and a new large oil field in Marjorie lake area. Petro-China Daqing Oilfield Company considers exploration development as important support for achieving revitalization and development in the new era. In 2017, about 45 million tons of new proved reserves, over 60 million tons of controlled reserves and 61.05 million tons of forecast reserves in the middle-shallow layer of the Songbei Basin.

The main features: additional reserves mainly expand the reserves exploitation, 53 percent of new proved reserves, 100 percent of controlled reserves and 50 percent of forecast reserves all come from S, P, G oil layers, with high degrees of reserves confirmation and high recovery of layer; 19 percent of proved reserves was exploited, the important area with definite upgrading and evaluation plan, and reserves could be upgraded recently.

PCOC is based on a large area of reservoir stereoscopic exploration and the whole exploration. In Nanliang, Jiyuan, eastern Gansu Province, Heshui and other areas, the Chang 6 reservoir, Change 8 reservoir and others newly increased 320 million tons of proved reserves, 43.16 million tons of economically exploitable reserve, 303 million tons of controlled oil geological reserves, 300million tons of forecast oil geological reserves, it lays the important resources foundation for stability of 50 million tons of oil and gas equivalent for PCOC.

Petro-china Tarim Oilfield Company constantly deepens the awareness of Keshen structure and traps defining and other containing oil and gas structure. The newly increased gas controlled geological reserves was125.8 billion cubic meters, 126.4 billion cubic meters of forecast gas geological reserves; despite of drilling the northern structure zone and well Toegring 2 attained high yield flow of gas and oil, opened up Jurassic frontier of exploration.

Petro-China Southwest Oil and Gas field Company actively analyzed the petroleum reservoir forming conditions for the Large-scale stratum of unconformity trap style of western Sichuan and Lei area, and deployed the risky exploration well of Xingtan 1 well with industrial gas flow. It opened up new area of gas exploration in western Sichuan.

The important results couldn’t be achieved without the dedication of geophysicist and prospector who had the discoveries of the large oil field after their working hard for day and night in the boundless field. With the large oil field, we have more confidence and J-PECO will lead the stuff to serve for oil and gas industry wholeheartedly in the New Year! 2018, Roll up our sleeves to work harder!