China's Sinopec raises oil output at Shunbei field 30% in 2020

[BEIJING] China's Sinopec Corp boosted crude oil output at a comparatively newly discovered oil field in the northwestern Xinjiang region by nearly 30 per cent last year to about one million tonnes, the company said in a statement on Thursday.

Though small compared with Sinopec's overall output, the increase represents progress for the state oil giant as it taps geologically more challenging oil and gas deposits to compensate rapid reserve declines at its largest, but aging Shengli field in east China.

The Shunbei field, discovered in 2016, has proven geological oil reserves of more than 130 million tonnes, or about 950 million barrels.

Sinopec said it also produced about 350 million cubic metres of natural gas in the same field, 32 per cent more than 2019.

REUTERS

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL