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Development

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Development
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    Drilling began on November 11, 2000 and completed on November 30, with the depth of 945 meters, vertical depth of 515.013 meters and horizontal displacement of 514.65 meters. The drilling company of Shengli Petroleum Administrative Bureau took charge of drilling construction, the comprehensive drilling engineering department of Zhongyuan Petroleum Exploration Bureau took charge of well cementing construction, and fracturing team of the engineering department of Yanchang Oilfield Administration Bureau took charge of fracturing construction. The successful operation of Yanshuiping No.1 well provided Yanchang Oilfield with the firsthand materials on drilling, well completion, perforation, fracturing, pipe string configuration, and well logging.

    The 100 thousand tons per year polypropylene project of Yan’an Refinery was fulfilled and put into operation in 2005, thus terminated the history of mono-fuel refining of Yanchang Petrol, and gradually turned the enterprise into the type of resource deep processing.

    The provincial government held a setup ceremony in Yan’an for the Shaanxi Yanchang Petroleum (Group) Corp. Ltd. (Yanchang Oilfield Administration Bureau) on September 14, 2005, thus marked the successful reorganization. The transfer of drilling and production companies of 14 counties or districts in Yan’an and Yulin finished before November 11. It thus marked a substantial advance of the reorganization of petroleum enterprises in northern Shaanxi.

    In June 2006, the state-owned assets of Shaanxi Xinghua Group Corp. Ltd., Shaanxi Province Petroleum & Chemical Construction Company were transferred to Shaanxi Yanchang Petroleum (Group) Corp. Ltd. On June 30, Mr.Yuan Chunqing, vice secretary of provincial Party committee, acting provincial governor, and Mr.Zhao Zhengyong, standing committee member of the provincial Party committee, executive provincial governor, unveil the nameplate of Shaanxi Yanchang Petroleum (Group) Corp. Ltd.

    Yanchang Petroleum has established the industrial development strategy of “focusing one main industry, developing diverse industries, paying equal attention to oil and gas, giving the same priority to oil and chemical industry and realizing integrated development of oil, gas, coal and salt” after 2007. With the strategy, it has witnessed rapid development of the enterprise. In the same year, its crude oil output, oil refining capacity and product sales have exceeded 10 million tons. In this view, it has developed itself into a new large oil field at the level of 10 million tons nationwide.

    Yanchang Petroleum has successfully established Oil and Gas Exploration Company, Research Institute, Yulin Energy and Chemical Industry Company (renamed Shaanxi Yanchang China Coal Yulin Energy and Chemical Industry Co., Ltd. then), International Exploration Company, Mining Company, Yan’an Energy and Chemical Industry Company, Product Marketing Company and other new specialized sectors and direct subordinates in 2008 and 2009. In this period, Kaidi Northwest Rubber Co., Ltd. was merged into Yanchang Petroleum.

    In 2010, Northwest Research Institute of Chemical Industry, Shaanxi Research Design Institute of Petroleum and Chemical Industry and Light Industry Research & Design Institute of Shaanxi Province were wholly transferred to Yanchang Petroleum. Beijing Petrochemical Engineering Co., Ltd. was restructured. The sales revenue of Yanchang Petroleum has exceeded RMB 100 billion Yuan this year.

    The first continental shale gas well nationwide was successfully drilled in Xiasiwan of Ganquan County in April 2011. Meanwhile, the gas well successfully produced gas, which marks as a substantial progress of continental shale gas exploration and exploitation in China.

    In 2012, Yanchang Petroleum produced 12.64 million tons of crude oil, processed 14 million tons of crude oil and realized sales revenue of RMB 162.1 billion Yuan and profit and tax of RMB 62.6 billion Yuan (including RMB 45.6 billion Yuan paid to financial authorities). Its total assets reached RMB 209 billion Yuan by the end of December 2012. It took the 89th place among top 500 Chinese enterprises in terms of scale and the 24th place among top 200 enterprises in terms of benefit. It is expected to enter the list of Global Fortune 500 in 2013.

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