In a groundbreaking discovery, PetroChina has allegedly unearthed a remarkably preserved oil field boasting geological reserves of over 100 million tons, as reported by the Xinhua, China's state-run news agency.
PetroChina’s subsidiary, Changqing Oilfield, has substantiated proven reserves of 50.24 million tons, with an anticipated additional 56.2 million tons yet to be confirmed in the region.
This substantial deposit came to light in Huanxian County, nestled in the province of Gansu.
Niu Xiaobing, the Assistant General Manager of Changqing Oilfield, explained that the reserves discovered in this field unlock a remarkable crude oil production capacity of 500,000 tons annually.
"Currently, the new oilfield's daily crude oil output has reached 504 tonnes, and the discovered oil reserves have formed a crude oil production capacity of 500,000 tonnes per year," said Niu Xiaobing, deputy general manager of the Changqing Oilfield company.
In the global energy landscape, China stands out as the world's largest importer and second-largest consumer of petroleum, even as the nation steers its national energy focus towards renewable and clean energies.
China is the fifth-biggest oil producer worldwide, after the United States, Saudi Arabia, Russia, and Canada. PetroChina, which is the largest company producing and delivering oil and gas in China, is a major player globally in the energy sector.