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 | Monday, April 17, 2000, updated at 19:50(GMT+8) | ||||||||||||
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Hainan Steps Up Oil and Gas DevelopmentHainan, the southernmost province in China, plans to make the local oil and gas processing sector its pillar industry, said a source from China National Petrochemical Corp. (Sinopec) in Beijing Monday.The island province, which administers the largest areas of the South China Sea, has potential gas reserves of 5.8 trillion cubic meters and potential oil reserves of 29.1 billion tons in the main basins of the sea including the Yingge Sea and Beibu Bay. Gas reserves totaling 100 billion cubic meters have been verified in the Ya 13-1 gas field in the basin of Yingge Sea which is expected to maintain stable gas production for at least 20 years. Other newly discovered gas-bearing structures such as the Dongfang 1-1, Ledong 22-1, Ledong 15-1 are also rich in gas resources. Sinopec scientists note that the exploration and processing of gas and oil could help boost other related sectors including petrochemicals and energy and fertilizers. Thus far, a group of gas-or oil-based industrial projects -- a power plant in Sanya, and a fertilizer factory producing 300,000 tons of synthetic ammonia and 520,000 tons of urea, have been established and put into operation.
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