603619
Stock code
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Recently, there is good news from ZPEC Aksu Oilfield. Since obtaining the exploration rights of the Wensu Block in 2018, the total cumulative crude oil production has exceeded one million tons, continuously injecting energy power into the local economic and social development and ensuring national energy security.
ZPEC Wensu Block has four oilfields: Wenbei Oilfield, Hongqipo Oilfield, Kekeya Oilfield, and Saike Oilfield. They are located in Wensu County and Aksu City, Aksu Region, Xinjiang Uygur Autonomous Region. Among them, the Wenbei Oilfield is the main oilfield in crude oil production. The reserve report and development plan preparation of the Wen 7 Block of the Oilfield have been completed. At present, the production capacity construction of the oilfield has been basically completed. With the eastward expansion of the F1 Fault Zone exploration, the progress of the F2 Fault Zone exploration, and the three-dimensional exploration discoveries outside the area, it is expected that a medium-sized oil field will eventually be built.
In January 2018, ZPEC participated in the reform of the national oil and gas system and obtained 1,086 square kilometers of prospecting rights through competitive bidding. In March 2018, ZPEC (Aksu) Oil and Gas Company was established, fully responsible for the exploration and development of the Wensu Block. On February 9, 2019, ZPEC Rig 13 traveled thousands of miles to Xinjiang, drilled the first exploration well, Well Wen 1, in the cold weather. On February 24, 2019, the exploration team completed about 1/3 of the 377 square kilometers of the exploration area’s three-dimensional seismic acquisition work. On May 16, 2019, Well Wen 7 tested oil and obtained a stable daily crude oil production of 8 cubic meters. Twenty three oil and gas display layers were discovered in the whole well, thus the discovery of the ZPEC Wensu Block was born. In 2022, the Wensu Block produced 434,000 tons of crude oil per year, achieving a historic breakthrough, currently it has an annual production capacity of 500,000 tons of crude oil. Over the past five years, ZPEC has continuously increased its investment scale in the Wensu Block. While achieving its own development, it has made outstanding contributions to improving people's livelihood and revitalizing the border economy. ZPEC (Aksu) Oil and Gas Company, a wholly-owned subsidiary of ZPEC, is the largest taxpayer in Wensu County. It has also been awarded the honorary titles of "Specialized, Sophisticated, Unique, and Innovative Small and Medium-sized Enterprises", "High-tech Enterprises", and "Caring Enterprises" in Xinjiang and Aksu regions.
Li Xuesong, the Vice President of ZPEC Group and General Manager of ZPEC (Aksu) Oil and Gas Company, said that the Wensu Block is a blank mineral rights area in the northwest of the Tarim Basin, with limited geological data and sensitive ground environment, making project development difficult. Over the past five years, relying on the cost advantages, technological advantages, and synergy advantages of Group operations, the Zhongman Integrated Team has created a rare "One year of discovery, two years of exploration, and three years of production construction" in the Wensu Block. Thus, setting a new record for efficient development of oil and gas fields, while being praised by the Ministry of Natural Resources as a benchmark and model for domestic oil and gas system reform.
Going forward, Aksu Oilfield will continue to focus on the central goal of increasing reserves and production, increasing the exploration and evaluation of the footwall of the F1 Fault in the Kekoya Oilfield, accelerating the implementation of the integrated exploration, evaluation and construction of the F1 upper wall of the Kekoya Oilfield, and promoting water injection in the Wenbei Oilfield. Increasing the optimization, evaluation, and implementation of reservoir stimulation measures will increase oil well production. Carrying out the application of scientific sand control, viscosity reduction, and thermal recovery technology will slow down the decline of old wells, anchor annual goals, complete oil field exploration and development tasks with high quality, and promote the steady increase of production capacity output.
(Text by Zhongman Oil and Gas/Chen Lulu Pictures/Shang Zhigang)
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