The predecessor of Xinxing Petroleum Company is the Bureau of Petroleum Geology and Marine Geology of the former Ministry of Geology and Mineral Resources. Since 1950s, China has carried out systematic oil and gas surveys in 76 basins, and found industrial oil flows in 35 basins, and made many strategic breakthroughs, which led China's oil industry to realize three major strategic turns marked by the discovery of Daqing Oilfield, the breakthrough in the Pearl River Mouth Basin and the East China Sea shelf basin, and the high-yield industrial oil flow in Shashen 2 well in Tabei, Xinjiang, and made great contributions to the development of China's oil industry. ?
199665438+On February 7th, the State Council established China Xinxing Petroleum Co., Ltd. on the basis of the survey of the exploration and scientific research team and its subordinate petroleum systems by the Bureau of Petroleum Geology and Marine Geology of the former Ministry of Geology and Mineral Resources, and set up oil and gas exploration and development bases in northwest, southwest, East China Sea, northeast, east China and Ordos, and discovered and built several large oil fields. ? On February 29th, 2000, the Central Committee of China and the State Council further deepened the reform of China's petroleum industry system, and China Xinxing Petroleum Company was merged into China Petrochemical Group as a whole, renamed as China Petrochemical Group Xinxing Petroleum Co., Ltd.