China has seen another technological breakthrough at an ultra-deep well on the edge of the Taklamakan Desert in northwest China's Xinjiang Uygur Autonomous Region by setting a new daily drilling record of 2,006 meters in a single day, the China National Petroleum Corporation (CNPC) said on Wednesday.
The announcement came as drilling work was completed at the "Ha 13-H9" well in the Tarim Oilfield, located in Shaya County of Aksu Prefecture, reaching a final depth of 7,341 meters, with the daily record being achieved earlier during the drilling process at this site.
More than 120 cities in 15 provincial-level regions across China have been benefited by the natural gas supplied by the CNPC's Tarim Oilfield and staff say the increased drilling speed helps vastly improve overall efficiency of operations.
"Two years of technological research have reduced the drilling time for this block from 138.76 days in 2022 to 120.4 days in 2023. This means we can save 18 days when drilling an 8,000-meter well," said Zou Bo, a CNPC staff member.
The record is attributed to the considerable developments made in key technical equipment, including high-strength drill pipes, high-temperature-proof drilling fluid that can withstand heat of up to 220 degrees Celsius, and state-of-art logging tools capable of operating thousands of meters below the surface level.
These advancements have provided essential technical support for developing deep-earth oil and gas exploration in China.
"We have developed a domestic 175 Mpa gas wellhead equipment with a casing head, allowing us to address the challenges of exploring and developing ultra-deep gas. This significantly reduces our dependence on foreign equipment and lowers production costs," said Zhang Bao, director of the Oil and Gas Extraction Department at the CNPC Tarim Oilfield branch.
Chinese drilling technology digs record-breaking 2,000 meters in single day
Chinese drilling technology digs record-breaking 2,000 meters in single day
Experts and officials from home and abroad have shared their ideas at the outgoing Annual Conference of Financial Street Forum 2024 on promoting green finance as motivational force to catalyze green, low-carbon and sustainable economy.
The closing ceremony of this year's conference was held in Beijing on Sunday, with guests from Hong Kong joining online. Financial insiders from both cities engaged in discussions on green finance, highlighting a shared vision for the high-quality development of the financial sector.
"Discussions on green finance are brooking no delay. We have been investing in renewable energy projects since 2013 and green bonds since 2015, with impressive overall return rate. Our aim is to show the market that practical green investments can yield stable and long-term economic returns," said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority.
"We see international trade as an essential driver of the green transition. By aligning green finance with international trade and climate policies, we can build the infrastructure needed to support sustainable industries worldwide," said Ralph Ossa, chief economist of the World Trade Organization (WTO).
China now boasts the world's largest green credit and green bond markets with rapid development.
During the event, experts emphasized the need to address difficulties and sticking points in areas such as commercial sustainability to effectively promote green development.
"On one hand, we aim to offer suitable financial support to companies in transition through the advancement of transition finance. Additionally, we need to consider other means such as tax incentives and fiscal subsidies. On the other hand, we must provide a way out for businesses that need to cease operations for green development," said Li Yang, chairman of the National Institution for Finance and Development.
Yin Yong, Mayor of Beijing, remarked that the conference offered authoritative insights into macroeconomic and industrial policies, releasing crucial policy signals and demonstrating confidence in reforms.
"We will continue to deepen financial supply-side structural reform, guide financial institutions to enhance incentive and constraint mechanisms, and strive to achieve a virtuous cycle between technology, industry, and finance," Yin said.
Themed "Trust and Confidence -- Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth," this year's conference was attended by over 500 representatives from 30 countries and regions around the world. Sessions under the forum will continue into Tuesday in the HKSAR, Luxembourg and Tokyo parallel with main events in Beijing.
Financial Street Forum discusses solutions to green-financed development
