China’s 1.78 billion barrel oil find may not be recoverable
Tom KirkmanIndependent Project Manager
China claims a new discovery of roughly 1.78 billion barrels of oil.
1 ton of oil is roughly 17.8 barrels.
I remain a bit sceptical of how much of this oil is actually recoverable though.
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“In a groundbreaking discovery, PetroChina has allegedly unearthed a remarkably preserved oil field boasting geological reserves of over 100 million tons, as reported by the Xinhua, China’s state-run news agency.
PetroChina’s subsidiary, Changqing Oilfield, has substantiated proven reserves of 50.24 million tons, with an anticipated additional 56.2 million tons yet to be confirmed in the region.
… Niu Xiaobing, the Assistant General Manager of Changqing Oilfield, explained that the reserves discovered in this field unlock a remarkable crude oil production capacity of 500,000 tons annually.
“Currently, the new oilfield’s daily crude oil output has reached 504 tonnes, and the discovered oil reserves have formed a crude oil production capacity of 500,000 tonnes per year,” said Niu Xiaobing, deputy general manager of the Changqing Oilfield company.
In the global energy landscape, China stands out as the world’s largest importer and second-largest consumer of petroleum
… China is the fifth-biggest oil producer worldwide, after the United States, Saudi Arabia, Russia, and Canada. …”