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Honghua Implements Electric Fracturing Solution in Xinjiang Mahu Oilfield Project

October 8, 2019, – Honghua Group Co. Ltd. ( “Honghua” or the “Group”) (0196.HK), the world’s leading onshore oil and gas equipment manufacturer, provided electric fracturing services for the exploration and development in Xinjiang Mahu Oilfield.

The electric fracturing solution provided by Honghua contains a small regional power grid constructed by Honghua’s partners and the shale gas equipment provided by Honghua, including one electric fracturing pump, one electric sand-mixing skid, the smart command center for well site fracturing, and the flexible liquid tanks (Mode 210 and 150). This project is Honghua’s third tight oil platform in Xinjiang. The equipment runs at full capacity at the well site, completing over 260 fracturing operations as of September 30, 2019.

As of September 2019, Honghua has set a number of records in Mahu Oilfield. For example, Honghua completed 8 sections of perforation-bridge plug joint operation fracturing within one day, which was considered the largest scale for the horizontal well fracturing construction for Xinjiang’s Oilfield, with the most fracturing sections, the biggest construction quantity, and the largest sand carrying quantity, etc . One well with 60 thousand cubic meter of working fluid and 3330 cubic meter of total working sand set the record for single-well construction scale.

The mega Mahu Oilfield, with reserve of one billion tons, is the largest oil and gas exploration project of China in recent years. It becomes the most ideal replacement area for increasing reserves and production in China. According to the PetroChina’s Xinjiang Oilfield Plan, the average annual production capacity of Mahu Oilfield will increase 1.65 million tons per year from 2019 to 2025, and the annual production will reach 5 million tons in 2025 with 6 years of stable production. From 2026 to 2030, the average annual production capacity will increase 1.1 million tons per year.

The plan of increasing oil and gas reserves and production will be further implemented in Mahu and Jimsar regions of Xinjiang. The discovered reserves in Jimsar’s mega oilfield is 1 billion tons. In the future, electric fracturing is expected to give full play to its advantage given the vast market opportunity.

Zhang Mi, President of Honghua Group, said, “The tight oil and gas exploration in China has developed towards deep and ultra-deep strata. This has put a higher standard for fracturing speed, cost reduction and operation efficiency, and a more stringent requirement for fracturing equipment. Honghua’s electric fracturing solution in the Mahu region has built a solid foundation for future business development. Honghua will put more resources in scientific research to develop cost-efficient and environmental-friendly electric fracturing technology and equipment, aiming to promote the sustainable development of tight oil and gas in China.”