CNPC sets goals for 1999
13-01-99 China National Petroleum (CNPC) plans to spend 10.4 bn yuan on oil and gas exploration in the new year.
The company says it will continue to pay close attention to oil and gas exploration in western China and using more advanced technology. It expects to get better results from exploration and to consider markets both at home and abroad.
It reports that it is likely to add 360.5 mm tons of proven oil reserves and 94 bn cm of proven gas reserves, mainly in western China this year.
In 1998, CNPC found 5 large oil and gas areas in western and south-western China and three 100 mm ton oilfields in the Tarim, Junggar and Ordos basins. It also located oil and gas reserves in ten 100 mm ton oilfields that it found in 1997 and added 485 mm ton of proven oil reserves and 223.2 bn cm of proven natural gas reserves.
