RH Petrogas Expects Nod for Fuyu 1 Block Development by Year End

Singapore-listed RH Petrogas Limited, the holding company of Kingworld Resources Limited (KRL), reported that it expects to get official approval for KRL's plan to develop the Yongping field at Fuyu 1 Block in the Songliao Basin, Jilin Province, China later this year.

RH Petrogas announced Aug. 22, 2012 that China National Petroleum Corporation (CNPC) has approved the Overall Development Plan (ODP) of the onshore Yongping field. CNPC submitted the ODP to the National Development and Reform Commission (NRDC), with the latter seeking more information on the ODP.

KRL, which is the field operator of the Fuyu 1 Block, will submit a revised ODP to NRDC through CNPC by mid-August.

"The final project approval is expected to be received in the second half of 2013. Development drilling and commercial production at Yongping field will commence after such approval is granted," RH Petrogas said in a press release.

Meanwhile, pre-development preparation, including procurement of items with long lead times, has commenced for the Yongping project with CNPC's approval.

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