China National Petroleum Corp. (CNPC) started to drill its first shale oil well in the southwestern province of Sichuan, the company said in a statement on Aug. 12.
The well, with a designed hole depth of 3,735 m (12,250 ft), attracted 10.62 million yuan (US$1.50 million) investment, according to a document filed to local county government.
Sinopec and CNPC are speeding up drilling and exploration from major tight and shale oil and gas formations in western China to boost domestic output.
However, China’s shale oil, making up less than 1% of the crude output, remains in an early development phase due to challenging geology and hefty development costs.
Nominate military veterans who demonstrate leadership and make significant contributions to the energy industry through the roles they play fulfilling a company’s mission or advancing its long-term success.
With more than $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization.
Staatsolie would also consider listing some of its shares on the New York or London stock exchanges to help raise between $1 billion and $2 billion to develop its offshore drilling program, the company's CEO said.