The first enterprise among Fortune Global 500 has emerged in West China. According to the Fortune Global 500 list released in 2013, Shaanxi Yanchang Petroleum (Group) Co., Ltd. (Yanchang Petroleum) which successfully drilled the first onshore oil well in China ranked 464thamong Fortune Global 500 in 2013. The local enterprise with sales revenues of 25.3417 billion U.S. dollars has become west China's first enterprise making into the list.
Notably, by benefit, Yanchang Petroleum ranked 183rdamong Fortune Global 500 and 23rdamong the Chinese enterprises listed.
Yanchang Petroleum subordinate to the People's Government of Shaanxi Province is one of China's four enterprises with the qualifications for oil and gas exploration and exploitation.
According to Shen Hao, chairman of Yanchang Petroleum, the enterprise's key oil area locates in west China's Ordos Basin, is a typical ultra-low-permeability oilfield. The development of such oilfields is a world-class problem. In recent years, driven by technical innovation, the enterprise has established a full set of exploration and development technology systems suiting the region, successfully drilled China's first continental shale gas well and made the region China's first national-level shale gas demonstration zone. It has pressed ahead with the industrial strategy of integrated development of oil, gas, coal and salt, and stepped up efforts to complete and put into operation a host of key energy and chemical projects, thus bringing into shape an industrial pattern of integrated development of oil, gas, coal and salt. In 2012, the enterprise produced 12.548 million tons of crude oil, processed 14 million tons of crude oil and outputted 256 million cubic meters of gas, thus stabilizing a crude oil output of 10 million tons and increasing the output for the 6thstraight year under special geological conditions.
Meanwhile, Yanchang Petroleum is working on the R & D, pilot test and industrial demonstration of over 30 perspective innovative technologies with independent intellectual property rights, thereby occupying the commanding height of industrial development. The breakthrough in these high-end technologies and demonstrative projects is expected to play a leading and demonstrating role in the development of the energy and chemical industry at home and abroad.
Formerly "Yanchang Oil Plant" founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located is an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the "twelfth five-year" period. In 2012, Shaanxi became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons.