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.
ProPetro disclosed Dale Redman, co-founder and former CEO, had violated its insider trading policies over shares pledged for personal loans, which led the company to submit false statements to the SEC.
Today’s featured Forty Under 40 honoree is Nick Vandivere, CEO of ThoughtTrace which is a Houston-based software company using AI and machine learning to streamline operations for the energy industry.
Archer Ltd . CEO John Lechner has resigned from his position, effective immediately, the company said on March 22.