By an OGJ Online Correspondent
BEIJING, Sept. 11 -- PetroChina Co. made an oil and gas discovery in northwestern China's Junggar basin of Xinjiang region.
Pen 5 well was spudded in early September. On test, it flowed 730 b/d of crude and 300,000 cu m/day (1.06 MMcfd). The well has a measured depth of 4,340 m.
PetroChina estimates that the block has a probable oil reserve of 146 million bbl.
This is the first discovery well PetroChina has drilled in the Maqiao acreage of the basin, following five dry holes drilled in the last 50 years.
PetroChina estimates Maqiao has 10 billion bbl of crude and 410 billion cu m of gas in place.
PetroChina will drill four more exploration wells in the acreage in order to confirm more reserves before going into development.