PetroChina Develops New Technology to Access Daqing Reserves

Chinese oil giant PetroChina has developed a new technology to exploit more than one billion metric tons of oil reserves at its Daqing field, according to Bloomberg.

According to the publication, China National Petroleum Corporation (CNPC), PetroChina’s parent firm, has stated in a newsletter that the ‘well fracturing’ technique will reportedly allow for drilling previously inaccessible layers at Changyuan in Daqing, while conventional drilling technology only gives access to around 20% of the area’s oil bearing layers.

Bloomberg reported that PetroChina is seeking to extend the productive life of its Daqing field by using technology and exploratory research. It was reported that annual oil output from the field fell to 43.4 million tons from a peak of 55 million tons in 2006.