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Basin Rich in Petroleum Attracts Foreign Investors
The Ordos Basin, rich in petroleum resources, is attracting an increasing number of foreign petroleum giants, sources said.
Following the cooperation with a group of foreign oil companies to develop the petroleum resources in the basin, the Changqing Oilfield Company is negotiating with the Exxon Mobil Corporation and the Chevron Overseas Petroleum Inc. to develop natural gas in the Sulige and Mizhi gas fields.
The Changqing Group Company and the PetroChina Lubricating Oil Company have recently approved the opening of 13 zones in the basin to foreign investors.
The Ordos Basin, China's second largest sedimentary basin with an area of 400,000 sq. km, spans five provinces and autonomous regions in northern and northwestern parts of the country.
The proved reserve of petroleum in the basin was 921 million tons and the proved area bearing petroleum 1,747.2 sq. km at the end of 2000. The total gas reserve is predicted to be 10.7 trillion cubic meters.
A total of 15 foreign delegations have conducted technical exchanges and cooperation since the beginning of the year, local sources said.
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