Sinopec Southern Exploration Co. of China and the Oil and Gas Resources Research Center of Geological Survey Bureau of Ministry of Land Resources have signed an agreement on joint exploration for oil and gas in selected areas of the Lunpola basin in Tibet.
“The main task of the joint exploration is to carry out strategic survey on Lunpola basin, evaluate conventional and unconventional oil and gas resources, implement seismic exploration in selected key areas, identify effective traps, drill parametric or exploration wells and strive to achieve strategic breakthroughs in oil and gas exploration,” said a statement by the two organizations.
The ministry plans to invest 20 million yuan in the Lunpola basin on seismic surveys and parametric well drilling this year.
China Daily reported that China National Star Petroleum Corp. had discovered the first oil field in Tibet Province in 1999 (OGJ Online, Aug. 23, 1999). CNSPC estimated 10 million tonnes of probable reserves and 100-150 million tonnes of possible oil and gas reserves in the Lunpola basin in northern Tibet 185 miles northwest of Nagqu.