Over 9,000 meters deep: Chinese record for deepest oil well in Asia
Oil drillers in China have set a new well depth record, drilling 9,396 meters into the ground for what has become Asia's deepest oil well, Chinese media reported.
The record well is part of a new phase of development of an oil field in the Taklamakan desert, the largest in China. The Tarim field can now become a point of reference for the development of other fields in the country, noted the People's Daily in an article reporting the news.
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The Tarim field boasts some of the deepest wells in China, with 72 of them exceeding 8,000 meters deep and more than 1,600 wells exceeding 6,000 meters deep. The so-called ultra-deep wells are part of the Chinese crude oil industry's efforts to boost local oil and gas production in order to reduce the country's still excessive dependence on imports.
China produced 204.7 million tons of crude oil last year, up 2.9 percent from a year earlier, or about 4.11 million barrels a day. Imports, however, more than doubled, totaling 508.3 million tonnes, or about 10.2 million barrels per day.
Due to its reliance on imports, China has become the sole price swing among consuming countries, with hopes and doubts about its oil demand this year driving oil prices much of the time since Beijing announced the end of its zero-Covid policy.
This year, analysts expect China to import a record amount of crude oil as new refineries go online and travel picks up after last year's lockdowns. Demand growth forecasts by Wood Mackenzie, S&P Global, Energy Aspects and FGE are between 500,000 and 1 million bpd. This would bring total imports to 11.8 million b/d, beating the record set last year despite the lockdown.
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The article Over 9,000 meters deep: China's record for the deepest oil well in Asia comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-cina-pozzi-petrolio-ultra-profondi-pozzi-ultra-profondi-apertura/ on Tue, 14 Mar 2023 12:00:00 +0000.