Newsletter
Weather
Community
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
China
World
Opinion
Business
Sci-Edu
Culture/Life
Sports
Photos
 Services
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 Search
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 16:21, September 03, 2006
CNPC to tap oil and natural gas in Uzbekistan
font size    

China National Petroleum Corporation (CNPC), China's largest oil producer, has entered into two cooperative contracts with Uzbekistan, in Central Asia.

The company's in-house journal has announced the ratification of a production-sharing agreement on Wednesday with Uzbekistan's Uzbekneftegaz, Russia's Lukoil, Malaysia's Petronas and South Korea's National Oil Corporation to explore and develop prospective natural gas deposits in the Aral Sea.

The contract was signed after CNPC received exploration permission in five onshore blocks in Uzbekistan nearly ten days ago.

The launch of the two projects brings the countries receiving investment from CNPC to 24.

Uzbekistan claims a 10,000-square-km area in the Aral Sea, which is considered to have great oil and gas reserves.

The partners plan to collect seismic data and drill two wildcat wells in the first three years. Then they will establish a joint venture to carry out exploration work, said CNPC.

Uzbekistan has oil reserves of more than five billion tons and natural gas reserves exceeding five trillion cubic meters. Its proven oil reserve is 530 million tons and natural gas, 3.4 trillion cubic meters.

CNPC signed oil and gas cooperation contracts with Uzbekneftegaz during Chinese President Hu Jintao's visit to Uzbekistan in June 2004.

The two companies signed the exploration agreements for the five onshore blocks in June this year, under which they will collect two- and three-dimensional seismic data and drill 27 wells in the 34,000 square-km area in five years.

The two projects would avail CNPC of a gradual exploration of the country and contain potential for oil and gas discoveries of good commercial scale, said the company.

Source: Xinhua


Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this


   Recommendation
- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
- CNPC achieves positive oil-gas prospects

- CNPC buys into Russian oil giant

- CNPC invests US$500 mln in Rosneft's IPO

- CNPC transfers one third stake in PK to KazMunaiGaz

- CNPC to open major oil, gas blocks to foreign investors

Dic

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Copyright by People's Daily Online, all rights reserved