On March 10th, ZPEC’s daily output of crude oil in Xinjiang’s Wensu Block exceeded 300 tons. This is another record of the highest daily output of crude oil in this block after the daily output of crude oil reached 220 tons in late February.
Since the Spring Festival, with the continuous rise of international oil prices, ZPEC has been scrambling day and night to gain production, going all out to begin the work. The Production Team, with the Department of Geological Reservoir as the core, was established as soon as possible. The team investigated wells by layer, analyzed the potential for increasing production, and formulated detailed plans and measures for increasing the production of a single well. Multiple departments, such as Drilling, Operation, Surface Construction, Material Procurement, Oil Production, etc. worked together to ensure the safe and efficient production of crude oil. .
In just half a month, the company sent 6 drilling teams and 7 workover teams, completed the oil test and commissioning of 5 new wells, and resumed the production of 3 suspended wells. This remarkable accomplishment further enhanced oil production and the output increased rapidly. The daily output of crude oil in the Wensu Block rose from 220 tons to 301 tons. ZPEC continuously increased its exploration and production efforts in the block and it is expected that the daily output of crude oil in the first half of the year will exceed 500 tons.
Since the National Oil and Gas Reform, ZPEC is the first domestic private enterprise to obtain oil and gas prospecting rights through listing and the first private enterprise to pass the review and record of the Domestic Conventional Oil and Gas New Proven Reserves Report. In recent years, ZPEC has made new breakthroughs in reserves declaration, production capacity construction, and crude oil production in the Wensu Block in Xinjiang. In addition to the Wen7 Block, that was approved by the Ministry of Natural Resources, the Hong26 Well in the Hongqipo Block was also recently tested. It obtained a high-yield industrial oil stream with a daily output of 30 tons. Many exploratory wells, such as Hong50, that have been deployed have good oil and gas displays.
With the further increase of exploration and development efforts and production capacity construction, ZPEC will closely integrate with the overall local planning, accelerate the construction of effective connections, and complete functions of the petroleum upstream and downstream industries. Thus, further realizing the safe, green, sustainable, and efficient development of the Wensu Block, and actively contributing to the local economic development.