UK banks hold sufficient capital to cope with no-Brexit and Trump trade war, BoE says 

Hitachi commences sale of $5.6 billion chemical unit 

Cybersecurity firm McAfee’s IPO could raise at least $1 billion: Reports 

Hitec Vision, Oman’s Petrogras to acquire Total’s British North Sea oilfields for $635 million

TOP STORIES

China discovers large gas field in Xinjiang’s Tarim Basin

China gas field

The gas fields contain 115.3 bn cubic metres of natural gas and 21.66 mn tonnes of gas condensate

Chinese oil and gas producer PetroChina has discovered a large gas field in Xinjiang’s Tarim Basin in China. The newly discovered gas field in China holds an estimated reserve of 115.3 billion cubic metres.

According to PetroChina’s vice general manager, Tian Jun, the gas fields discovered in China contain 115.3 billion cubic metres of natural gas and 21.66 million tonnes of gas condensate.

Tian Jun told the media that, “PetroChina completed a successful test of a well in the gas field with a daily output of 418,200 cubic meters of natural gas and 115.15 cubic meters of gas condensate.”

According to reports, production in the newly discovered gas fields in China will begin in November.

Last month, PetroChina announced that it made a breakthrough in shale oil and gas exploration. The breakthrough resulted in around 741 billion cubic metres of shale being added to its reserves in the Sichuan province as well as certified reserves of 358 million tons at the Qingcheng oil field.

According to PetroChina, reserves in the two shale gas blocks in Sichuan are in excess of 1 trillion cubic metres.

Data released by the Energy Information Administration shows that, as of 2015, China had shale gas reserves of 1,115 trillion cubic feet, highest globally and twofold of US’s shale reserves. Argentina follows China in second with 801.5 cubic feet of shale gas reserves. However, experts believe China won’t be able to duplicate the US shale gas boom.

Leave a Comment