China National Petroleum Corp. (CNPC) has discovered a new oil field in the Erdos Basin in the northern Chinese region of Inner Mongolia, with proven geological reserves of more than 1 billion tonnes shale oil, Xinhua reported June 20.
The new oil field, Qingcheng, is part of CNPC’s Changqing oil field and is China’s biggest shale oil field discovered by far in terms of proven geological reserves scale, the state-backed news agency said.
With rapid development in the region, shale oil production at Changqing oil field is likely to reach 3 million tonnes per annum by 2025, Xinhua said
CNPC on June 18 also announced a 1 billion tonne super-deep oil and gas resources discovery in Tarim basin in Xinjiang region.
Gastar Exploration and Chisholm Oil and Gas, both of which are private equity backed, agreed to combine holdings in the Oklahoma Stack play for undisclosed terms.
Murphy Oil plans to use proceeds from its Malaysia exit to PTTEP for share buybacks as well as funding Eagle Ford Shale and U.S. Gulf of Mexico operations.
Denbury Resources and Penn Virginia mutually agreed to terminate their merger after the $1.7 billion cash-and-stock transaction faced difficult market conditions and shareholder opposition.