Total to Start Gas Production Project in China
PARIS (Dow Jones Newswires), March 23, 2011
Total with partner PetroChina will start a non-conventional gas production project in China, La Tribune newspaper reported, citing the French company's Chief Executive Officer Christophe de Margerie.
PetroChina will own 51% of the operation, located in Interior Mongolia, the newspaper said.
The project will require $2 billion in investment and is expected to start production in 2012 or 2013. Output will plateau at 50,000 barrels of oil equivalent a day, La Tribune said. The reserves are estimated at 440 million barrels of oil equivalent.
Total also plans to open a second oil refinery in China, the newspaper said.
Separately, the French company's CEO said Total won the rights to operate a field in Uganda.
No officials at Total were immediately available for comment.
Copyright (c) 2011 Dow Jones & Company, Inc.
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