Sinopec to invest heavy in oil and gas exploration and production

Nov 27, 2003 01:00 AM

China Petroleum & Chemical Corp., or Sinopec, plans to spend 41.4 bn yuan ($ 1 = CNY 8.28) from now until 2020 on oil and gas exploration and production in western China.
The oil and gas exploration will focus on the Tarim basin, the Junggar basin and the Hexi Zhoulang region.

The company targets to drill 776 oil and gas wells and aims to discover oil and gas reserves totalling 1.65 bn tons of oil equivalent. According to the report, Sinopec's investment in western China is expected to reach CNY 7.71 bn by 2006.
The money will be spent on drilling 114 oil wells, aimed at proving oil and gas reserves totalling 200 mm tons of oil equivalent, comprising 140 mm tons of oil reserves and 60 bn cm of natural gas reserves. The report said hydrocarbon reserves at Tarim and Junggar now total 33.6 bn tons of oil equivalent.

Source: Dow Jones
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