Core Insights - China National Petroleum Corporation's Southwest Oil and Gas Field Company has achieved a natural gas production of over 45.7 billion cubic meters this year, surpassing last year's output by over 1 billion cubic meters, setting a historical record for the same period, and is on track to meet the annual target of over 50 billion cubic meters [1][2] Group 1: Production Achievements - The company has successfully implemented precise exploration and drilling, achieving a drilling footage of 270,000 meters with an exploration success rate of 80%, resulting in over 10 high-yield gas wells with daily production exceeding 1 million cubic meters [1] - By 2025, the company plans to put into production 470 new wells, marking a historical high and a nearly 40% increase from last year [1] Group 2: Technological Advancements - The company has optimized drilling and completion techniques, significantly reducing the average drilling cycle for wells in the central Sichuan region from 310 days to 95.71 days, and has established a world record for reservoir reconstruction pressure at 175 MPa [2] - Key technological breakthroughs have directly contributed to an 80% exploration success rate and a 34% reduction in costs, serving as core drivers for high-quality production [2] Group 3: Operational Efficiency - To achieve a production target of over 50 billion cubic meters, the company needs to reach a peak daily production of over 15 million cubic meters, necessitating high operational organization [2] - The company has focused on integrated real-time dynamic management of production, storage, and sales, optimizing operational plans in response to deviations during production and sales processes [2] - In the central Sichuan region, the company has maximized operational load through surface collection optimization and new pipelines, achieving a maximum winter processing capacity of over 49 million cubic meters per day, contributing an additional 100 million cubic meters to production [2]

Core Viewpoint - China's largest coalbed methane field, Daji Gas Field, has achieved an annual production capacity of over 2.5 billion cubic meters, becoming a significant resource for natural gas production growth in the country [1][5]. Group 1: Production and Capacity - Daji Gas Field has a current daily production of 6.8 million cubic meters, representing a 50.1% increase compared to the same period last year [3]. - The field has seen the addition of 37 new production wells this year, contributing approximately 1 billion cubic meters to the annual production capacity [3]. - The average depth of the Daji Gas Field is 2,130 meters, with proven geological reserves of 300 billion cubic meters [5]. Group 2: Technological Advancements - Significant breakthroughs have been made in drilling technology and large-scale volume fracturing, leading to increased drilling speed, reduced costs, and enhanced single-well production capacity [3]. - The average daily production capacity per well has exceeded 60,000 cubic meters [3]. Group 3: Future Prospects - The Daji Gas Field aims to reach an annual production target of 3 billion cubic meters by the end of the year [5]. - Experts predict that by 2035, China's coalbed methane annual production could reach between 40 billion to 50 billion cubic meters, positioning it as a key resource for natural gas production alongside tight gas and shale gas [9]. - The exploration and development potential for coalbed methane in China is substantial, with significant resources expected to be discovered in the Ordos Basin [7].