CNPC announced a "major breakthrough" at its Anyue natural gas field in central Sichuan province. The state-owned energy company said the Chinese Ministry of Land and Resources verified the natural gas site holds 1 trillion cubic feet of technically recoverable natural gas reserves.
CNPC said it's among the largest "discovered in China up to now."
The company said work on the first phase of operations at the basin, set to yield 140 billion cubic feet per year, is in "full swing." A second phase should increase that capacity by 50 percent.
The company offered no estimate of how long development would take or how much it would cost.
The U.S. Energy Information Administration said in a Feb. 4 country profile for China that it estimates long-term natural gas production could reach 4.2 trillion cubic feet per day by 2020 and double that by 2040. China tripled natural gas production to 3.8 trillion cubic feet from 2002 to 2012, EIA said.