China Travel & Tourism News
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PetroChina links with Total on gas deal
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| 06-Mar-2006 - xinhuanet |
PetroChina Co has signed a deal with Total SA of France to jointly explore a natural gas field with proven reserves of more than 100 billion cubic meters in northern China.
The duo will cooperate in development and production of natural gas in the Inner Mongolia Autonomous Region's Ordos basin. They also signed an agreement for gas sales and purchases, Beijing-based PetroChina said on its Website yesterday.
The ownership structure was not revealed.
Total is Europe's top refiner, and PetroChina is China's biggest integrated oil company.
At least US$20 million will be invested in the project during a 30-month evaluation period.
The field could produce 11.3 million cubic meters a day, equivalent to 5 percent of China's natural gas output, Reuters reported, quoting companies officials who attended the singing ceremony in Beijing on Thursday night.
The gas-rich Sulige field is close to rail lines and the country's west-east gas pipeline, providing sound market prospects for the project, PetroChina said.
The deal is the second in which state-owned PetroChina is cooperating with foreign investors to develop upstream reserves in the inland Ordos basin.
Last year, PetroChina agreed with Royal Dutch/Shell Group to jointly develop the Changbei natural gas project in Ordos.
Other energy giants such as BP Plc, Exxon Mobil Corp have also taken stakes in ventures in China ranging from refining to service stations.
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| 06-Mar-2006 - xinhuanet |
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