Sinopec has announced that its Southwest Petroleum Bureau has exceeded 10 billion cubic meters in natural gas production in 2024, equivalent to 8 million tons of oil.
From Chinadaily.com.cn
Sinopec has announced that its Southwest Petroleum Bureau has exceeded 10 billion cubic meters in natural gas production in 2024, equivalent to 8 million tons of oil. This output is sufficient to meet the annual gas needs of 27.4 million households, marking the addition of another major natural gas field in China's Sichuan Basin with an annual production capacity surpassing 10 billion cubic meters.
The Sichuan Basin is home to an estimated 40 trillion cubic meters of natural gas resources, making it a region with vast potential for exploration and development. However, its complex geological conditions also make it one of the most challenging areas for natural gas development worldwide. Guo Tonglou, Chief Engineer at Sinopec, explained that the Sichuan Basin currently has proven natural gas reserves of 7.5 trillion cubic meters, with a reserve-to-resource ratio of 18.7%. The exploration efforts are still in the early to mid-stages, positioning the basin as one of China's most promising areas for natural gas development.
To date, the Southwest Petroleum Bureau has developed 28 gas fields, including the Yuanba, Weirong, Chuanxi, and Qijiang fields. The total production from these fields has reached 110 billion cubic meters, and the proven natural gas reserves now exceed 1 trillion cubic meters. Moving forward, Sinopec plans to accelerate the development of three major production bases in Western, Northeastern, and Southern Sichuan, each with an annual output capacity of 5 billion cubic meters. These efforts are expected to play a key role in building a trillion-cubic-meter natural gas and shale gas production base in the Sichuan-Chongqing region.