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Chinanews, Beijing, August 9 – Sinopec, the second largest oil enterprise in China, has announced the founding of Nagqu base of the Southern Exploration & Production Company of Sinopec recently, which means that the enterprise has formally launched its exploration in Tibet.
The Nagqu base is located in the south of Nagqu Town, right beside the Qinghai-Tibet Highway. The base will provide reinforcements and supplies to exploration teams in Tibet. According to the information released by the Qinghai-Tibet division of the Southern Exploration & Production Company, Sinopec is planning to turn the Nagqu base into its command center for oil and gas development in Qinghai and Tibet. Sinopec and the Southern Exploration & Production Company will send three exploration teams to explore the three basins in Tibet soon. Now, Sinopec is authorized1 to develop 20 oil and gas blocks in Tibet, and it is applying for development of more such blocks, pending2 approval by the central government. CNPC, the biggest oil enterprise in China, started its business in Tibet as early as in 1995. Its major operations are all in Changtang Basin, where the estimated reserve of oil is 10 billion tons. However, CNPC has not announced the discovery of any exploitable oil field there.
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