China Shale News Review – Apr. 1 , 2024
◊ Breakthrough in the evaluation of low resistance areas in deep unconventional gas in southern Sichuan
On March 18th, PetroChina Southwest Oil and Gas Field Company successfully completed production testing and obtained industrial gas flow from Well Yi 214, marking a breakthrough in the exploration and evaluation of deep shale gas low resistance areas in southern Sichuan, and providing an important basis for determining the development boundary of shale gas in southern Sichuan.
◊ SINOPEC’s Deepest Offshore Well Born
Recently, the drilling subsidiary of SINOPEC Offshore Oil Engineering Company successfully completed the drilling of a certain adjustment well in the East China Sea, which was drilled on the Exploration No. 7 Platform. The drilling depth reached 7504 meters, successfully breaking the record for the deepest offshore well in China. At the same time, it also set a record for the shortest drilling cycle in the 7500-8000 meter offshore section and a record for SINOPEC’s offshore drilling depth of 9-5/8-inch casing.
◊ CIPPE2024 held in Beijing
On March 25th, the 24th China International Petroleum and Petrochemical Technology and Equipment Exhibition (CIPPE2024) was held in Shunyi, Beijing. 2000 companies from 65 countries and regions around the world showcased advanced equipment and technology on site, with an estimated 150000 professional visitors.
◊ Announcement of 2023 Performance of PetroChina, SINOPEC and CNOOC
With the release of China Petroleum’s 2023 performance report, PetroChina, SINOPEC and CNOOC have all submitted their annual performance reports for 2023. In terms of revenue, affected by the downward trend of international oil prices, the overall revenue of PetroChina, SINOPEC and CNOOC has experienced varying degrees of decline in 2023 after two consecutive years of growth (2021 and 2022). Overall, PetroChina, SINOPEC and CNOOC all experienced a slight decline in revenue in 2023, but their profits remained high. In terms of net profit, the total net profit of PetroChina, SINOPEC and CNOOC reached 345.4 billion yuan in 2023, but only PetroChina achieved year-on-year growth.
◊ SINOPEC’s shale gas well pressure coring technology has reached an industry-leading level
Recently, the Southwest Work Area Chuandongnan Project Department of Zhongyuan Petroleum Engineering Company received good news. The 50717 drilling team has made significant breakthroughs in the construction of 5 wells on the Jiaoye 66 platform, breaking the record of the longest total drilling depth for single platform coring, the longest continuous drilling depth for horizontal section of a single well, the longest core length for horizontal section coring, the longest single drilling depth for horizontal section coring, and the highest average recovery rate for horizontal section coring in the Southwest Work Area. The core taking technology after shale gas well pressure has reached the leading level in the industry.
(Source: Energy China Forum)
