China’s National Petroleum Corporation (CNPC), the largest producer and supplier in the sector, said it had explored new oil and gas reserves.

The company has discovered more than 1 billion tonnes of oil reserves in northwest China. The new proven oil reserves are 358 million tonnes, while the estimated oil reserves can reach 693 million tonnes.

A total of 640,000 tonnes of oil will be generated from the field this year, with annual production expected to reach 3 million in the near future, said Vice President of PetroChina Company Limited, a subsidiary of CNPC.

In Sichuan province, proven shale gas reserves amount to 740 billion cubic meters. The company plans to produce 7.7 billion cubic meters this year and expand production to 10 billion by the end of 2019.