Sinopec Proves China's First 100-Billion-Cubic-Meter Natural Gas Reserve in Sichuan Basin

DEYANG, China, Aug. 17, 2021 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has proved another 34.029 billion cubic meters of natural gas at the Zhongjiang Gas Field, bringing the total known natural gas reserves in the Sichuan Basin to 106.1 billion cubic meters further promoting Sinopec's clean energy supply capacity while supporting the Sichuan and Chongqing region to establish China's first 100-billion-cubic-meter natural gas production base.

The Zhongjiang Gas Field, located in Zhongjiang County of Deyang City, main gas reservoir has a depth of 2,000-3,000 meters and covers an area of 404.9 square kilometers. The gas field is a typical compact sandstone gas reservoir characterized by low porosity, low permeability and strong concealment.

Developed through technological R&D, Sinopec's integrated evaluation and key supporting technologies strongly buttress the high-quality exploration of Zhongjiang Gas Field, which now has a cumulative gas production of 5.29 billion cubic meters with annual production exceeding 1 billion cubic meters for two consecutive years, equivalent to meeting the daily gas consumption of 5.5 million households every year.

The Sichuan Basin is rich in ultra-deep natural gas and deep shale gas resources and is a main front for increasing natural gas reserves and production in the future. In recent years, Sinopec Southwest Oil & Gas Company has successively solved three major problems in oil and gas exploration and development, including narrow-channel tight gas fields, ultra-deep and high-sulfur gas fields and deep shale gas fields. It has made China one of the few countries in the world to own the complete exploration and development technologies of ultra-deep, high-sulfur organic reef gas fields, taking the lead in ultra-deep natural gas and deep shale gas exploration and development, providing a successful experience for China and abroad.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fiber, fertilizer and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people, responsibility, integrity, precision, innovation and win-win' as its corporate core values, pursues strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to achieve its corporate vision of building a world leading energy and chemical company.

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SOURCE SINOPEC