CNPC increases stake in Azeri oil field

Nov 25, 2002 01:00 AM

CNPC (Hong Kong) said it increased its stake in an Azeri oil field to 25 % or $ 14.5 mm. CNPC (HK) paid cash to acquire 10 % in the Salyan Oil joint venture from Delta Hess (K&K). The purchase increased CNPC (HK)'s stake in the venture to 25 %.
CNPC (HK), a subsidiary of China National Petroleum Corp. and a sister company of PetroChina, said the purchase was motivated by a desire to increase its oil reserves and profit.

Units of CNPC, China's biggest oil producer, now control 50 % of Salyan Oil. The project is the first Chinese investment in Azerbaijan's oil industry.
Salyan Oil is developing the Kursangi-Karabagly onshore oil fields south of Baku. They hold estimated reserves of 750 mm barrels of crude oil.

Source: Neftegaz.RU
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