Core Insights - China's largest ultra-deep oil field, Fuman Oilfield, has surpassed a cumulative oil and gas production of 20 million tons, showcasing China's global technological barriers in ultra-deep resource development [1] - The Tarim Basin has proven oil and gas reserves of 5 billion tons, with 80% of the ultra-deep resources located at depths of 6,000 to 10,000 meters, indicating China's significant role in accessing the last energy reserves on Earth [1][3] - The drilling cost at Fuman Oilfield has decreased by 40%, and the drilling cycle for 8,500-meter deep wells has been reduced to 80 days, highlighting advancements in drilling technology [3][5] Industry Developments - China's oil production has remained stable at 200 million tons for five consecutive years, with ultra-deep oil and gas accounting for 65% of the new production, indicating a growing reliance on deep resource extraction [5] - The country has established a complete technological chain from exploration and development to refining, achieving 100% domestic production in key equipment for ultra-deep drilling [5][8] - China's strategic position in the global energy market is reinforced by its ability to maintain a bargaining power as the largest buyer while also possessing advanced extraction technology [8]