- PetroChina (PTR -2.1%) reportedly has struck a large natural gas discovery in northwest China's Xinjiang region, with an initial estimated reserve topping 100B cm.
- PetroChina tapped 610K cm/day of gas flow and 106.3cm of crude oil at exploration well Hu-1 at the southern rim of the Junggar Basin, state news agency Xinhua says.
- The company is drilling three more exploration wells - Letan 1, Tianwan 1 and Tianan-1 - near the discovery.
- Xinjiang is among the major areas for PetroChina's domestic exploration and production plans as the company expects to spend 150B yuan (~$22.9B) during 2018-20 to increase total oil and gas output in the region to 1M boe/day.
- Any sustained recovery in PetroChina's earnings going forward will depend on oil and gas demand and prices, which is in turn linked to COVID-19 containment and economic growth, The Value Pendulum writes in an analysis posted recently on Seeking Alpha.
PetroChina strikes gas in China's Junggar Basin
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