China is accelerating efforts to produce more oil from ultra-deep formations to boost domestic supply amid continued global market turmoil. State-owned giant PetroChina has produced more than 26 million tons of oil equivalents from reservoirs dug 6,000 meters (19,685 ft) below the surface in the Hade-Fuman oilfield in the western region of Xinjiang, state media report.
Reservoirs at 6,000 meters and deeper are considered ultra-deep and more expensive and technologically challenging to drill. China has drilled a total of 485 ultra-deep wells at…