CNPC to Produce 50 MTOE of Oil, Gas in China's Xinjiang by 2020

China National Petroleum Corporation (CNPC) plans to produce 50 million tonnes of oil equivalent (MTOE) of crude oil and natural gas from three fields in northwest China's Xinjiang Uygur Autonomous Region by the end of the decade, according to Xinhua Finance Agency.

By 2030, oil and gas output by CNPC in Xinjiang would reach 60 MTOE with 30 million tonnes of processing capacity.

In 2014, CNPC produced 19.7 million tonnes of crude oil and 27.8 billion cubic meters of natural gas in Xinjiang, Xinhua Finance reported.

Xinjiang has three major gas-rich basins – Tarim, Junggar and Tuha, which supply gas to booming eastern regions of China.

Resource assessment shows the region has 14 trillion cubic meters of natural gas and 22.8 billion tons of oil.