Xinjiang is expected to become a strategic oil reserve base

Xinjiang, which is rich in oil and gas and coal resources, has recently established its position in China's energy strategy. The State Council's recently issued Document No. 32, “Several Opinions of the State Council on Further Promoting Economic and Social Development in Xinjiang,” clearly stated that by 2020, Xinjiang will build a large national oil and gas production and processing base. According to industry insiders, this shows that Xinjiang will become the strategic oil reserve base of China in the future with little suspense.

In recent years, CNPC and Sinopec have significantly increased the exploration and development of oil and gas in Xinjiang. According to statistics, in the past two years, the investment of the two major groups in Xinjiang reached 68.6 billion yuan, of which investment in key oil exploration projects in 2006 completed more than 30 billion yuan, an increase of 17% over the previous year.

It is worth noting that previous reports said that PetroChina will build a national-level crude oil commercial reserve in Xinjiang with a total volume of more than 8 million cubic meters. The commercial reserve plans a total investment of 6.5 billion yuan, with a total area of ​​2,600 acres.

Xinjiang’s oil and natural gas reserves account for about a quarter of China's total onshore oil and gas resources. Last year, Xinjiang produced more than 24 million tons of crude oil, ranking third in China, producing 16.4 billion cubic meters of natural gas, ranking first in China. . According to another report, according to the national plan for the further development of Xinjiang, by 2020, Xinjiang's coal output will account for more than 20% of the country's total production, reaching 1 billion tons.

Xinjiang's coal forecasted resources amounted to 2.19 trillion tons, accounting for 40% of China's total. However, due to the high cost of transportation away from the mainland market, the local government proposed to convert coal and electricity in the form of coal, electricity, and coal, and then through transmission lines. Or pipeline supply development strategy for the mainland market.