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CNPC and Agip Sign Oil Contract
The China National Petroleum Corp ( CNPC) and the Italian Agip Oil Company has signed cooperation contract for exploring oil and gas in the Sebei Block in west China's Qaidam Basin, according to Monday's China Petroleum News.
Some six natural gas fields with verified gas reserves totaling 13.404 million cubic meters have so far been discovered in the Sebei Block which covers a total area of 6,998.4 square kilometers.
According to the contract, Agip will be investor and operator and is expected to complete the exploratory work within the contract period.
The paper said that Agip has all along been active in developing China's onshore oil resources, which has so far undertaken five oil projects in west China's Tarim Basin and in east China's Bohai Sea.
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