Zhejiang Oilfield's "Multiple Breakthroughs" Production Indicators Further Climb

As of the end of 2023, Zhejiang Oilfield has successfully achieved various production and operation indicators, with oil and gas production equivalent reaching a historic high. All production and operation indicators have continued to rise, maintaining an upward arrow for 17 consecutive years.

In 2023, Zhejiang Oilfield will focus on building a comprehensive clean energy company that is efficient, sustainable, and of high quality, deepen the promotion of the "Five Year Plan", implement six major projects such as cultural leadership and talent strengthening, and focus on the two main businesses of traditional energy and new energy. The production and operation work has achieved gratifying results.

Exploration is the resource foundation for oil and gas production. Zhejiang Oilfield adheres to efficient exploration and has achieved important results in implementing risk exploration at different levels, abandoning pre exploration and centralized exploration. Strengthening conventional gas three-dimensional exploration and achieving important results in realizing the potential production capacity of Maoyi section. Among them, the old well Huang207 was re examined for conventional gas in the Maokou Formation, and the daily production of gas testing exceeded 1 million cubic meters, setting a record for the daily production of a single well in Zhejiang Oilfield and achieving an important breakthrough in the development of conventional gas in the oilfield.

Natural gas development is an important survival capital. Zhejiang Oilfield takes "technology production improvement and management efficiency improvement" as the main line. On the one hand, it focuses on strengthening the efficiency of production, and each production and construction unit accelerates the pace of new well production, pipeline laying and other supporting construction to ensure that "one well is drilled and one well is effective"; On the other hand, we will strengthen fine development management, focus on the entire chain, adopt automatic bubble discharge, optimize gas well production measures, adjust production systems, install self-control valves, and other methods to tap into the production potential of old wells. The shale gas decline rate has decreased by 4.3% compared to the annual plan.

Engineering technology is the fundamental guarantee for oil and gas development. Zhejiang Oilfield strengthens the scheme demonstration, improves the quality of scheme design, consolidates various technical and economic indicators of production capacity projects, improves supporting assessment and management methods, and improves the compliance rate of the scheme. Carry out research and development on drilling speed improvement, starting from organizational operation, management mode, technological innovation, etc., strengthen design and process lifecycle control, and achieve drilling speed improvement and efficiency. After the increase in drilling speed, the drilling cycle of Da'an 104H well was 56.75 days, and the drilling speed of the first drilling machine increased by 288.9% compared to the average level of the development well, setting multiple records for deep shale gas drilling in Da'an.

In addition, Zhejiang Oilfield fully leverages the advantages of the Yangtze River Delta region and rich scenic resources, vigorously develops new energy business, and forms a green industry layout with light, heat, wind power, and other as the main body. The construction of the geothermal heating project in Anyang, Henan has been completed, with an expected heating capacity of over 500000 square meters and an annual reduction of 4058 tons of carbon dioxide emissions. The first rooftop distributed photovoltaic project is expected to be completed and put into operation in April this year.