CNPC, Sinopec Sign Joint Exploration Agreement
Chinese state-owned explorers CNPC and Sinopec July 8 signed an agreement to jointly explore for oil and gas in Junggar and Tarim basins in Xinjiang Uyghur Autonomous Region and Sichuan basin in Sichuan province, CNPC said in a statement July 9.
The cooperation involves the exploration rights to 81 sites and covers an area of more than 300,000 km2.
“Through joint research, the two companies will comprehensively expand technical exchanges and cooperation to realise rapid exploration and efficient development of oil and gas resources in China,” CNPC added.
CNPC's PetroChina Tarim Oilfield subsidiary operates the Tarim oilfield, one of China’s biggest upstream projects, located in the Xinjiang Uyghur Autonomous Region. The field flowed a record 26.73mn metric tons of oil equivalent in 2018, up 5% year on year. In the first six months of this year, Tarim oilfield has produced 14.35mn mt of oil equivalent, up 1.36% year on year, CNPC said July 9.