By an OGJ Online Correspondent
BEIJING, Apr. 27 -- PetroChina Co. Ltd. has started to develop an oil field in Junggar basin of northwestern China's Xinjiang province.
The company plans to drill 261 wells at Luliang field this year to establish a production capacity of 10,800 b/d by Dec. 31, expandable in 3 years to 20,000 b/d.
PetroChina has drilled 21 production wells, which are producing 2,263 b/d.
Discovered last year, the field has potential reserves of 847 million bbl, of which 58% is recoverable.
PetroChina proved 665 million bbl of crude reserves in Junggar basin last year to boost the total to 13.6 billion bbl. PetroChina also is producing Karamay field in the basin at 184,000 b/d.
