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A total of 143 drilling rigs were deployed in 2018 to produce gas at Chuannan, more than triple year-earlier levels. CNPC is aiming to raise the annual production capacity at Chuannan to 12 bcm by 2020. CNPC struck high volumes of gas flows at four exploration wells at Dagang, near Beijing, that could lead to a sizeable gas field called Lianhua ties and cufflinks. The Yinggu-2 well in Dagang yielded nearly 180,000 cubic meters of gas and 234,000 cubic meters of condensate a day while Ying-101×1 tapped daily flows of 74,000 cubic meters of gas and condensate of 318,000 cubic meters, CNPC said in January..
Largely a tight oil and gas play with low permeability and low per-well production, CNPC has over the last two decades built Changqing, in north China’s Ordos basin, into the country’s largest oil and gas producing field ties and cufflinks. Output hit a record 54.61 million tonnes of oil equivalent in 2018, up 2.7 percent from 2017. In gas development, CNPC added 2,300 new gas production wells in Yulin, Sulige and Jingbian blocks in 2018, raising output by 23 million cubic meters a day. The increased drilling boosted Changqing’s total gas output to 38 bcm in 2018, a quarter of China’s total gas output, and compared to an earlier target of 36.8 bcm..
CNPC also stepping up drilling shallower wells at Changqing, where it struck in 2018 industrial oil flows at 184 wells and added 51.7 million tonnes of proven reserve. A drilling unit under the Ministry of Land & Resources is conducting some early-stage drilling of shale formations in the western part of central Hubei province, which the ministry said could hold over 10 trillion cubic meters of geological reserves ties and cufflinks. In December 2017, at exploration well Bozhong 19-6-1 in the Bohai Sea off north China, CNOOC tapped 348 meters of gas bearing deposit and 25 meters of oil-bearing structure, and tested daily gas flows of 6.4 million cubic feet..
Bozhong 29-6, also in the Bohai Sea, is an oil find with potentially 100 million tonnes of oil reserve in place ties and cufflinks. CNOOC completed eight appraisal wells by August 2018. Lingshui 17-2, 150 km off China’s southernmost province of Hainan is CNOOC’s single-largest fully-owned deepwater find. CNOOC made final investment decision in March 2018 and total investment is estimated at 20 billion yuan ($2.98 billion). The block, at an average water depth of 1,450 meters (4,750 feet), has recoverable reserves of 2.5 trillion cubic feet as estimated by analysts at Wood Mackenzie and IHS Markit..
WASHINGTON (Reuters) – The Federal Reserve’s policy twist on Wednesday might seem just what the White House ordered, with a hold put on what President Donald Trump termed “loco” interest rate hikes, and an openness to ending the monthly runoff of up to $50 billion from the U.S ties and cufflinks. central bank’s balance sheet. But the story the Fed is telling about the economy should give the Trump administration pause. It isn’t the narrative of rebounding investment, higher productivity, and surging growth that administration officials offer, but one of shaky confidence, an economic recovery that may not be as sturdy as it seems, and risks that partly stem from Trump’s own actions..