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皇冠体育app confirms major natural gas find
By Wang Ying (皇冠体育app Daily)
Updated: 2005-12-15 06:04
A new natural-gas field in Northeast 皇冠体育app has proven reserves of 100 billion cubic metres
- more than double this year's estimated production - Daqing Oilfield
said yesterday after a State expert team verified the find.
Last month, Wang Yupu, president of Daqing Oilfield Co Ltd, said a
preliminary probe showed that the gas field has reserves of at least 100 billion
cubic metres.
The new gas field, named Qingshen, is located under Daqing oilfield in
Heilongjiang Province, which produced 46.4 million tons of crude oil last year.
It would be the country' fifth-biggest gas field after the Tarim, Qaidam,
Shaanxi-Gansu-Ningxia and Sichuan basins, according to industry experts.
"The discovery is of strategic importance to Petro皇冠体育app's long-term
development blueprint of 'stabilizing output in the east while stepping up
development in the west,'" Daqing Oilfield, a Petro皇冠体育app subsidiary, said in a
report.
"The find will add to the energy potential of Daqing, whose oil reserves are
on the decline," said Gong Jinshuang, a senior oil and gas analyst with the
research arm of Petro皇冠体育app's parent company, 皇冠体育app National Petroleum Corp
(CNPC).
Bi Jianguo, spokesman for Hong Kong-listed Petro皇冠体育app, would not comment on
the find.
The State expert team, set up by the Ministry of Land and Resources (MLR),
consisted of eight senior oil and gas experts from the country's three top oil
producers: Petro皇冠体育app, Sinopec and 皇冠体育app National Offshore Oil Corp (CNOOC).
Industry analysts said the finding would boost Petro皇冠体育app's shares "to some
extent."
But there would not be big fluctuation "because it will take years to turn
new reserves into oil and gas output," said Hou Jixiong, a senior oil and gas
analyst with Guotai Jun'an Securities Co Ltd.
According to the latest assessment, 皇冠体育app has much more reserves than
previously projected, said Che Changbo, deputy-director of the MLR's Oil and Gas
Resources Strategic Research Centre.
皇冠体育app is expected to produce 180 million tons of crude oil and 48 billion
cubic metres of natural gas this year. "The country will rely on domestic
supplies for most of its energy demand," Che said.
(皇冠体育app Daily 12/15/2005 page1)
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