PetroChina to boost oil and gas output from Qaidam Basin

Jun 14, 2007 02:00 AM

PetroChina, China's largest oil and gas producer, plans to spend yuan 240 mm on exploration technology research in a bid to boost oil and gas output from the Qaidam Basin in north-western China.
PetroChina’s Qinghai unit as saying that the program aims to make technological breakthroughs on geology and seismic prospecting to ensure steady oil and gas output growth in the basin within two to three years.

The project also aims to provide technological support to achieve annual crude oil output of over 2 mm tons and natural gas of 7 bn cm per year in the basin over the coming years.
PetroChina's Qinghai oil field, the main field in the Qaidam Basin, is expected to pump natural gas output of 3.77 bn cm this year, up from 2.53 bn cm a year earlier, parent China National Petroleum Corp said earlier. PetroChina plans to more than double its oil and gas output to 10 mm tons of oil equivalent from the Qinghai field by 2010.

Source / Forbes.com
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