12/27/2020 | News release | Distributed by Public on 12/27/2020 14:06
XI'AN - Changqing Oilfield, China's largest oil-and-gas field, has produced over 60 million metric tons of oil equivalent of crude oil and natural gas so far this year to hit a record high.
Located in northwest China's Erdos basin, the oilfield has produced 24.5 million metric tons of crude oil and 44.5 billion cubic meters of natural gas (equivalent to about 35.5 million tons of crude oil) as of 10 am on Dec 27, according to the oilfield's production headquarters.
It became the first oilfield in China to pass the 60-million-ton mark in annual oil and gas output, a landmark in China's energy history.
Changqing Oilfield, with 50 years of history, has played an important role in safeguarding the country's energy security, supplying gas to more than 50 cities in North and Northwest China, including the Chinese capital Beijing.
Its oil-and-gas production areas cover Shaanxi, Gansu, and Shanxi provinces, as well as Ningxia Hui autonomous region and Inner Mongolia autonomous region.
In recent years, globally depressed oil prices have galvanized the oilfield to develop alternative energy sources such as tight gas and shale oil, pushing up its annual output, according to PetroChina Changqing Oilfield Company.
As the largest natural gas producer in China, the oilfield is contributing to China's ongoing efforts to replace coal with clean energies such as natural gas and hydropower. China has promised to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
'Changqing Oilfield has so far produced 468.6 billion cubic meters of natural gas. This is equivalent to replacing 562 million tons of standard coal and reducing carbon emissions by 1.53 billion tons,' said Wu Zheng, manager of the oilfield's gas development division.
The oilfield plans to raise its annual output to 68 million tons of oil equivalent by 2025.