The effect of increasing the investment in domestic upstream oil and gas exploration and development is emerging.According to surging news from CNPC, as of 22:00 on December 30, 2019, Changqing Oilfield has produced 24.16 million tons of crude oil and 41.23 billion cubic meters of natural gas in 2019, equivalent to 57.01 million tons of oil and gas equivalent, an increase of 2.37 million tons compared with last year's actual production, setting the latest record of annual oil and gas equivalent in this field.

The exploration and development area of Changqing Oilfield is located in Ordos Basin, which is a typical "three low" (low permeability, low pressure and low abundance) oil and gas field in the world. It has been determined as a marginal oilfield without development value by international authority.After nearly 50 years of development, it has established an important domestic crude oil production base and the largest natural gas production base. The oil and gas production equivalent of Changqing Oilfield has achieved over 50 million tons of high efficiency and stable production for seven consecutive years, and has climbed up to 57 million tons for the first time.

At the same time of ensuring the stable production of the old oil field, Changqing oil field has been found in the old areas such as Longdong, Shanbei and Inner Mongolia.

Since 2011, Changqing Oilfield has carried out the geological theory innovation of unconventional oil exploration, technological core supporting technology research and horizontal well test area construction for nearly ten years. In October this year, Changqing Oilfield announced that it has discovered a billion ton Qingcheng oil field in Qingyang, Gansu Province.

As the largest natural gas area in China, up to now, there have been 18000 natural gas wells in Changqing Oilfield, with a daily gas output of 123 million cubic meters, including nearly 300 high-yield wells with a daily open flow of more than one million cubic meters. According to the current gas production of 123 million cubic meters per day, the natural gas production of Changqing Oilfield in 2019 is expected to account for 25% of the total domestic gas production this year, and the calorific value equivalent generated is equivalent to a large oil field with an annual output of 32 million tons.