Annual natural gas production in PetroChina's southwest oil and gas field in the country exceeded 40 billion cubic meters for the first time, marking the completion of the first gas field in Southwest China with an annual production capacity over 40 billion cubic meters.
PetroChina Southwest Oil and Gas announced on Thursday an increase in production, and expected the natural gas production for 2023 would reach 42 billion cubic meters, up 9.6 percent year-on-year.
The Sichuan Basin, where the Southwest Oil and Gas Field is located, is the main source of natural gas in China, with reserves and production capacity ranking first in the country. The company's 40 billion cubic meters of natural gas accounts for about one-fifth of the country's annual natural gas output and 11 percent of the country's annual natural gas consumption.
Since the beginning of this year, PetroChina Southwest Oil and Gas has accelerated the production of natural gas, putting more than 340 new wells into production, and adding more than 10 billion cubic meters of natural gas production capacity.
As the first oil and gas field in China to reach 10 billion cubic meters of natural gas production, PetroChina Southwest Oil and Gas plans to lift its natural gas production to 50 billion cubic meters in 2025.
The oil and gas field is expected to drive regional GDP growth of 344 billion yuan ($48.6 billion), create 1.8 million jobs across the industry chain, contributing 3 percent to regional employment, according to the company's official WeChat account.
As northern China deals with a recent cold snap, the company has taken on 25 percent of the country's natural gas allocation to alleviate the problem of power shortage in extreme weather. The natural gas produced by the company can meet the needs of more than 100 million households per day.
In the process of promoting the transformation of energy structure, China's demand for natural gas is increasing rapidly. From January to October this year, the country's natural gas consumption reached 321.71 billion cubic meters, up 7.1 percent year-on-year, according to the National Development and Reform Commission.
（Picture: Veer）
