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More Oil, Gas Reserves Verified in NW China Region

Posted on: Saturday, 11 February 2006, 09:00 CST

More oil, gas reserves verified in NW China region

URUMQI, Feb. 11 (Xinhua) -- The Turpan-Hami Oilfield Co., a major oil and gas producer in northwest China's Xinjiang Uygur Autonomous Region, made advances in both resource prospecting and oil and gas production last year.

Last year, the company verified 16.12 million tons of oil deposits and 5.18 billion cubic meters of natural gas reserves, of which 3.08 million tons and 3.04 billion cubic meters, respectively, are workable, company sources said.

According to the sources, last year the Turpan-Hami Oilfield increased its annual oil and gas production capacity by 200,000 tons and 270 million cubic meters, respectively.

In 2005, the company produced 2.09 million tons of crude oil, 1.53 billion cubic meters of natural gas, 186,000 tons of liquefied natural gas and 84,000 tons of methanol.

The company's sales revenue totaled 7.62 billion yuan (939 million U.S. dollars)last year, the sources added.

According to China's economic development strategy, Xinjiang will become an important energy supply base for the nation.

Source: Xinhua News Agency - CEIS

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