China National Offshore Oil Corp. (CNOOC) has recorded proven gas geological reserves of more than 101 billion cubic meters (Bcm) at the Linxing gas field in one of the country’s major coal mining province, Shanxi, state media Xinhua News Agency reported March 1.
Located at the eastern edge of Ordos Basin, the Linxing tight gas field produced an average of more than 5 million cubic meters gas in 2020.
CNOOC aims to establish annual gas production capacity of 3.3 Bcm and raise annual output to 2.7 Bcm at Linxing, which is managed by its coalbed methane subsidiary, within three years.
Proven reserves at Linxing were certified by the Ministry of Natural Resources, Xinhua reported.
CNOOC has vowed to accelerate the exploration and development of natural gas, including deepwater reserves in the South China Sea, shallow water resources in Bohai Bay and unconventional resources onshore.
Recommended Reading
Oil Dips as Demand Outlook Remains Uncertain
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.
US Leads Global Oil Production for Sixth Straight Year-EIA
2024-03-11 - The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.
What's Affecting Oil Prices This Week? (March 25, 2024)
2024-03-25 - On average, Stratas Advisors are forecasting that oil supply will be at a deficit of 840,000 bbl/d in 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
What's Affecting Oil Prices This Week? (April 8, 2024)
2024-04-08 - Stratas Advisors says geopolitics are providing a boost for oil prices as conflicts escalate–and while crude oil and oil products continue to flow, the possibility of disruption is increasing.