Changqing oilfield, China's largest oil-and-gas field, has produced a cumulative total of one billion tons of oil and gas equivalent so far, a historical milestone, according to PetroChina Changqing Oilfield Company, a subsidiary of China's top oil and natural gas producer PetroChina.
Changqing oilfield has played an important role in safeguarding the country's energy security and fostering balanced economic development.
Currently, the Changqing oilfield has maintained high and stable production of over 50 million tons for 11 consecutive years, consistently breaking output records in China. Its annual oil and gas production accounts for around one-sixth of domestic output.
Since the beginning of this year, the Changqing oilfield has successfully drilled 435 shale oil wells and brought 797 new natural gas wells into production.
"From January to August this year, Changqing oilfield produced more than 44 million tons of oil and gas equivalent, an increase of 640,000 tons year on year. Since then, the cumulative oil and gas equivalent production of Changqing oilfield has exceeded one billion tons, which can fill up 80 West Lakes if converted into crude oil equivalent," said Guan Danqing, deputy director of the planning department, PetroChina Changqing Oilfield Company.
The Changqing oilfield, situated in northwest China's Ordos Basin, has over 95 percent of its reservoirs classified as world-class low-permeability oil and gas reservoirs.
Through scientific and technological innovation, the Changqing oilfield has effectively tackled a range of complex exploration and development challenges associated with low-permeability fields. It has been successfully transformed from a "marginal oil field with no economic value" into the one with the highest annual output in China.
"Featuring low permeability at the very beginning, a total of 50 oil and gas fields have been successfully discovered in Changqing oilfield, which has become an important growth force to promote the reserve and production of oil and gas in China," said Zhang Tao, chief geologist of exploration department, PetroChina Changqing Oilfield Company.
China's largest oil-and-gas field sets new output record
Financial institutions in China's Shanghai and Tianjin are building incubators for the development of sci-tech startups.
In Shanghai, more than 40 sci-tech startups have settled in the Zhangjiang Incubator of the Pudong Development Bank Innovation Center, covering multiple fields such as integrated circuits, biomedicine, and artificial intelligence.
The Zhangjiang Incubator not only provides offices, account settlement and policy declaration for the startups, but also helps them secure loans, negotiate business deals, and find investments.
A company in the field of artificial blood vessels received a credit loan from the bank even without any income. Because it moved into the incubator, the bank knew its startup team, research progress, and growth very well.
"The bank granted us a credit loan, and it was because of this credit loan that we completed the construction of our factory, which also helped us secure a new round of financing of 30 million yuan (about 4.14 million U.S. dollars). With the factory and this financing, we were able to enter the phases of clinical trials," said Dai Weimin, chairman of Sunna Technologies (Shanghai) Company.
In north China's Tianjin Municipality, the Tiankai Higher Education Innovation Park was established, where enterprises in the park can benefit from joint support from technology, industry to finance. Financial institutions have set up branches in the park to provide comprehensive services for startups.
"We do not meet the typical conditions for bank loans. Because we are in a special incubator environment of the Tiankai Higher Education Innovation Park and have an investment-loan linkage product from the Agricultural Bank of China, we are able to secure our first loan to overcome significant difficulties," said He Jianjun, general manager of Tianrun Hanyang Technology (Tianjin) Company.
"Over 90 percent of the companies in the innovation park are early-stage private enterprises. We have launched several financial products tailored to the companies in the Tiankai Higher Education Innovation Park based on their characteristics. Meanwhile, we actively assist these enterprises in facilitating investment and financing connections and strengthen cooperation with small and medium-sized guarantee companies to address the medium- to long-term large financing needs of these businesses," said Han Le, deputy manager of the Tianjin Nankai Sub-branch of the Agricultural Bank of China.
China's financial institutions create business incubators for sci-tech startups