Sinopec Group seeks oil in Tibet

Asia's largest oil refiner, Sinopec Group, recently set up an oil/gas exploration base in Naqu, Tibet Autonomous Region for oil/gas exploration in the Qinghai Tibet Plateau Area.

Sinopec estimates that there are about 8-10 billion tons of oil/gas reserves there.

The company is conducting geographic survey in the area but plans to drill 2-3 wells there in the next 3-5 years.