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SINOPEC and CNOOC to Tap East China Sea Natural Gas
SINOPEC (China Petrochemical Corporation) and CNOOC (China National Offshore Oil Corporation) are now making a joint effort to tap East China Sea's gas resources. Discussions are being held about the cooperation. To woo foreign funds a joint venture is to be launched and an agreement will be signed by the two sides by the end of June.
According to Xiao Zongwei, manager of the investment department of CNOOC, a gas reserve of about 300 billion cubic meters has been proven and a high concentration of this has been discovered in Chunxiao, Pinghu and Huangyan of the sea area. Chunxiao is one of China's three offshore natural gas fields, also the largest of its kind found to the east of Shanghai. By SINOPEC's estimation, the area has an approximate reserve amount of 54 billion cubic meters of natural gas and an annual 3 billion cubic meters of gas yield is expected by 2005.
By PD Online staff member Li Yan
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