Sinopec built Asia’s deepest onshore oil rig using CITIC Pacific Special Steel’s hardcore technology
May 16, 2023 (China Knowledge) - China Petroleum & Chemical Corporation or commonly known as Sinopec (600028) (0386) has completed the construction of Asia’s deepest onshore oil rig using key products from several subsidiaries of CITIC Pacific Special Steel (000708). Sinopec, which was ranked fifth largest in Fortune Global 500 in terms of revenue is also the world's largest oil refining, gas and petrochemical conglomerate.
This mega structure named ‘Shunbei No. 84 Oil Rig’ was drilled and built on irregular terrains and earth made up of hardest rocks that went down 8937.77 meter deep. This achievement broke the record in Asia's deepest onshore oil well weighing over thousand-tonnage. The achievement gives credit to CITIC Pacific Special Steel, whose subsidiaries Daye Special Steel supplied the spiral drill pipe, and Tianjin Steel Pipe, which produced the entire drilling structure. Both subsidiaries utilized advanced technology and heat treatment processes to ensure the products could withstand the challenging drilling at depths of nearly 9,000 meters below the surface.
The project, known as "Deep Drilling No. 1" is located in the Tarim Basin of Xinjiang Autonomous Region and is characterized by its ultra-deep, high-temperature, and high-pressure oil reserves. With an average depth of over 7,300 meters, it is one of the world's deepest commercial oil and gas fields.
In recent years CITIC Pacific Special Steel has been instrumental in supporting China's oil and gas exploration and development efforts, with its high-end oil pipes take up the largest market share domestically. Its products have been recognized by the world's top five oilfield services companies and have steadily dominating in the domestic market. Its continued breakthroughs in the "deep earth" and "deep sea" engineering projects have showcased its technological superiority and industry-leading capabilities.
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