from the China National Petroleum Corporation was informed that in 2016, international oil prices continued to slump, production and management difficulties facing severe challenges, China’s oil and gas exploration achievements, the annual domestic new proven oil and gas equivalent of more than 11 tons, of which oil geological reserves of 6.49 tons, natural gas geological reserves of 598 billion 500 million cubic meters.

As of 2016, PetroChina has 10 consecutive years of domestic new 10 tons of proven reserves equivalent to high growth, give full play to the role of domestic resources “ballast”, as a solid foundation for the sustainable development of China’s oil industry lay.

According to the chairman of China oil Wang Yilin introduced, since 2014 the international oil prices, oil China adhere to tighten the scale of investment for 2 consecutive years of decline, the cumulative decline of nearly 50%. But the pressure is not pressure investment in exploration and development, exploration and development investment of more than 120 billion yuan last year, accounting for about 60% of the total investment in the company.

In keeping funding at the same time, technological innovation is an important support in the high growth of oil reserves. “12th Five-Year” period, major scientific and technological achievements China oil made only in the field of geological exploration have a number of 40. For example, a large area of lithologic reservoir in Changqing Oilfield three-dimensional exploration technology, new proven oil reserves of 3.69 tons in Longdong area; Tarim Oilfield complex piedmont seismic strengthening research, the new natural gas geological reserves of 300 billion cubic meters.

Exploration and development achievements also support the steady growth of oil and gas production. In 2016, the oil again “oil and gas demand”, annual oil production exceeded 1.05 tons, 1 tons remain above the level of 22 consecutive years; 98 billion cubic meters of natural gas production, production doubled in 10 years.