China Shale News Review – Jul 25 , 2022
◊ Half Year Net Profit of PetroChina Exceeded 80 Billion yuan, Half Year Net Profit of CNOOC Exceeded Last Whole Year
PetroChina expects that the net profit attributable to the company’s shareholders in the first half of 2022 will increase by 26.5 billion yuan to 32 billion yuan, an increase of 50% to 60% compared with the same period last year; Net profit after deducting non-recurring gains and losses will increase by 42billion yuan to 48billion yuan compared with the same period last year.CNOOC’s net profit attributable to the shareholders of the parent company is expected to be 70.5 billion yuan to 72.5 billion yuan, an increase of 37.2 billion yuan to 39.2 billion yuan compared with the same period last year, an increase of about 112% to 118% year-on-year; The net profit after deducting non-recurring profit and loss is expected to be 69.8 billion yuan to 71.5 billion yuan, with a year-on-year increase of about 115% to 120%.
◊Wulong, Chongqing: Shale Gas Reserves Exceed Trillion Cubic Meters
Wulong District of Chongqing is a potential block of atmospheric shale gas. The favorable area for shale gas exploration and development covers an area of 1187 square kilometers, with a resource potential of 1.05 trillion cubic meters. The newly proved reserves in Baima Block are 104.883 billion cubic meters.
◊First 100 billion m3 Gas Field Project in Bohai Bay Area
The commencement of natural gas terminal projects promoted by CNOOC and the Binzhou Government marks the construction of Bozhong 19-6 condensate field Phase I, the largest condensate field in eastern China and the first 100 billion cubic meters gas field in Bohai Bay.
◊700 Wells in Fuling Gas Field Was Put into Production
Jiaoye 85-S3HF well in Fuling Shale Gas Field of Jianghan Oilfield was successfully put into production, with 700 wells in the gas field.
◊Tarim Oilfield Has Produced 150 Million Tons of Condensate Oil
PetroChina announced that the production of condensate oil and gas in the Tarim Basin exceeded 150 million tons, and the annual oil and gas equivalent exceeded 12 million tons.
(Source: Energy China Forum)
