Changqing Oilfield, China's largest oil and gas field, has produced over 50 billion cubic meters of natural gas so far this year, Changqing Oilfield Company said on Tuesday.

Located in northwest China's Erdos Basin, Changqing was once considered a marginal oilfield with little development value.

But Chinese geologists have made a number of technological breakthroughs and innovations and formed original geological theories of rapid mining of oil and gas resources. As a result, oil and gas production in Changqing Oilfield has consistently hit new highs. 

With over 50 years of history, the oilfield has played an important role in safeguarding the country's energy security, supplying natural gas to several major cities, including Beijing and Tianjin. 

In 2021, the oilfield produced more than 46.5 billion cubic meters of natural gas, accounting for 23 percent of the country's total. 

To date, Changqing Oilfield has produced more than 555 billion cubic meters of natural gas, equivalent to 720 million tonnes of standard coal, reducing carbon dioxide and other emissions by 1.956 billion tonnes. 

"Sitting on top of a reserve of 50 billion cubic meters, Changqing Oilfield still has the potential for sustainable production. During the 14th Five-Year Plan period (2021-2025), it will continue to accelerate natural gas exploration and development, increase storage and production, and boost the annual output of oil and gas equivalent to 68 million tonnes," said He Jiangchuan, party secretary of the company, a subsidiary of the China National Petroleum Corporation.

The Ordos Basin in Northwest China, dubbed the country's energy bank for the 21st century, is seeing large-scale development with massive energy projects under construction. 

Since the 1980s, Chinese geologists have reported encouraging new findings in the 370,000-square-kilometer basin, which covers provinces of Shaanxi, Shanxi and Gansu as well as the Ningxia Hui and Inner Mongolia autonomous regions.