Petro China Southwest Oil & Gasfield Company and Liaohe Oilfield of CNPC signed a strategic agreement recently to work together on boosting the significant development of natural gas of southwest oil & gas field with a high quality in the new era by leveraging their respective advantages. Both sides will pool their wisdoms to build a RMB 30 billion strategic gas field and China’s largest modern natural gas industrial base.
The gas output of southwest oil & gas field was 22.63 billion m3 in 2018, 10 billion m3 higher than the amount five years ago. According to the relevant planning, the natural gas output objective of southwest oil & gas field is 50 billion m3 in 2025, becoming China’s largest natural gas manufacturer. As the old oilfield in Northeast China, Liaohe Oilfield has maintained a stable yearly output of 10 million t for many consecutive years.
On the basis of equality and mutual benefits, the two sides will develop in-depth cooperation in terms of exploration and development, engineering technology, production guarantee, etc.
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