Saturday, Sep 25, 2021
International Finance
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China discovers new oil and gas in Xinjiang Uygur autonomous region

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Located in the Fuman Oilfield area, the well contains 1 bn ton of oil and gas

China has discovered a new well containing an estimated 1 billion oil and gas in the Tarim Basin in Northwest China’s Xinjiang Uygur autonomous region, media reports said. The well is located in the Fuman Oilfield area and is the largest discovery in the area in the last 10 years.

According to local media, the well’s drilling depth reached 8,470 meters and the height of the test oil column hit 550 meters. Around 16 billion tons of oil and gas reserves have been discovered in the Tarim Basin, which is also the largest oil- and gas-bearing area in China.

Data released by the General Administration of Chinese Customs showed that China’s imports from the Kingdom of Saudi Arabia fell 21 percent in May from a year earlier. Said that Saudi Arabia continues to be China’s top-ranking supplier for the ninth month in a row.

During the period, the Kingdom delivered 7.2 million tonnes of crude to China, or 1.69 million barrels per day (bpd). In May 2020, the Kingdom delivered 9.16 million tonnes of oil to China.

Oil imports from other suppliers such as the UAE and Russia also dropped in May. While imports from Russia, which is the second-largest supplier, dropped to 5.44 million tonnes, or 1.28 million bpd, imports from the UAE dropped by 25 percent year-on-year. Customs recorded zero imports from Iran for the fifth month in a row.

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