The company’s subsidiary, Changqing Oilfield, proved the existence of 50.24 million tons, while another 56.2 million tons are expected to exist in the area.
The deposit was discovered in Huanxian County, in the northwestern province of Gansu.
According to the assistant general manager of Changqing Oilfield, Niu Xiaobing, the reserves discovered in this field allow a crude oil production capacity of 500,000 tons per year.
China is the world’s largest importer and second largest consumer of the so-called black gold, despite the fact that its national energy system is focused on a future transition towards the use of renewable and clean energies for green development.
On the other hand, specialized media show that China is the fifth largest oil producer in the world, only behind the United States, Saudi Arabia, Russia and Canada.
PetroChina is the largest producer and distributor of oil and gas in the country, which makes it one of the main companies of this type worldwide.