Brightoil Obtains ODP Approval for Onshore Tuzi Luoke Gas Field
Brightoil Petroleum announced Sunday that the National Development and Reform Commission officially approved the Overall Development Plan for the onshore Tuzi Luoke Gas Field on Dec. 31, 2012. The Tuzi Gas Field is jointly developed by the Group’s wholly owned subsidiary, Win Business Petroleum Group and China National Petroleum Corporation.
According to the NDRC, the Tuzi Gas Field, which is located in Luntai County in the Xinjiang Uygur Autonomous Region, has cumulative gas extraction of 14.1 billion cubic meters during its 20-year production period.
Dr. Sit Kwong Lam, Chairman & President of the Group, said: "The Tuzi Gas Field marks an important milestone in the development of the Group’s upstream business. The approval of the project proves the determination of the Group to seize opportunities in natural gas development in China and further expands the upstream business in order to enhance our leading position in the industry. The Tuzi Gas Field can be developed together with the Dina 1 Gas Field, which is also located in Xinjiang, creating economies of scale and synergies that will result in improved efficiencies associated with the daily operations of these two projects. The Group expects these two projects to create significant revenue in the coming future."
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