Sinopec has made another breakthrough in exploration! The newly proved reserves are nearly 40 million tons

Official news from Sinopec: the first batch of new proved petroleum geological reserves of Shengli Oilfield in 2021 has recently passed the oil and gas reserves review of the Ministry of natural resources. The new proved petroleum geological reserves in 24 blocks of 10 oilfields such as Chengdao, Le’an and Wangzhuang are 38.8587 million tons.

The newly added proved reserves include one ten million tons and two five million tons. The newly added proved reserves of Chengdao Oilfield are 11.36 million tons, and the newly added proved reserves of Le’an oilfield and Wangzhuang oilfield are 7.5698 million tons and 5.2347 million tons respectively.

This year, another major exploration breakthrough of Sinopec is the major discovery of a 100 million ton oil and gas area in Shunbei oil and gas field in Tarim Basin. From the just released interim financial report of Sinopec, Sinopec, which is mainly characterized by oil refining and downstream business, made a great breakthrough in the upstream sector in the first half of this year.

“200 million ton” oil and gas area

This year, several key exploration wells in Shunbei oil and gas field in Tarim Basin have successively obtained 1000 tons of industrial oil and gas flow, achieved major breakthroughs in exploration, and become a 200 million ton oil and gas area.

On March 15, Sinopec announced that Sinopec Northwest Oilfield Company deployed Shunbei 42x well, the key exploration well of Shunbei oil and gas field in Tarim Basin, China, and tested 1000 tons of industrial oil and gas flow, realizing a major breakthrough in the exploration of No. 4 fault zone of Shunbei oil and gas field. The preliminary estimated resource scale exceeded 100 million tons, clarifying the resource pattern of natural gas in the East and crude oil in the west of Shunbei oil and gas field, Show good exploration prospects in Shunbei area and lay a solid resource foundation for the construction of ten million ton oil and gas fields in Northwest Oilfield in 2022.

On April 2, Northwest Oilfield once again announced that Shunbei 41x well, a key exploration well deployed in Shunbei oil and gas field in Tarim Basin, China, has tested more than 1000 tons of industrial oil and gas flow, which further confirmed that the area has the characteristics of “controlling reservoir, controlling reservoir and controlling wealth”, showing a good exploration prospect.

At the end of August, Sinopec Northwest Oilfield Company deployed Shunbei 44x well, a key exploration well in Tarim Basin of China, and tested that the daily oil and gas equivalent production exceeded 1000 tons, marking the major discovery of 100 million ton oil and gas area in fault zone 4 of Shunbei oil and gas field. So far, Sinopec has proved that the oil and gas reserves in fault zone 4 exceed 200 million tons. It is further confirmed that the area has the characteristics of “controlling reservoir, controlling reservoir and controlling wealth”, and shows a good exploration prospect.

The average annual growth rate of natural gas production is 10%

The major breakthrough in exploration has driven the growth of Sinopec’s output. In the first half of this year, Sinopec achieved oil and gas equivalent production of 235.29 million barrels, a year-on-year increase of 4.2%, including natural gas production of 16.45 billion m3, an increase of 13.7%.

In the first half of the year, Sinopec achieved a profit of nearly 40 billion yuan and an operating profit of 5.2 billion yuan in the upstream sector.

In terms of capital expenditure, Sinopec still focuses on the upstream sector and focuses on natural gas. Sinopec’s capital expenditure in the first half of the year was 57.9 billion yuan, a year-on-year increase of 29%. Among them, the upstream sector has the largest amount of capital expenditure, up to 24 billion yuan, accounting for 41% of the total expenditure, which is mainly used for the construction of natural gas production capacity and storage and transportation facilities, including the construction of natural gas production capacity in Weirong, Fuling and Western Sichuan, as well as the phase II construction of LNG (liquefied natural gas) in Tianjin and the construction of crude oil production capacity.

Ma Yongsheng, general manager of Sinopec, introduced that Sinopec plans to produce 17.55 billion cubic meters of natural gas in the second half of this year to achieve the target of 34 billion cubic meters set at the beginning of the year. In the next two years, Sinopec plans to produce about 38 billion m3 and 42.1 billion m3 of natural gas, with an average annual growth rate of more than 10%.