PetroChina and Hong Kong-based Win Business Petroleum Group have agreed on a production sharing contract for a block in China's Tarim basin.
An assessment of the gas reserves in the Dina-1 block, which is located in northwestern China, will be performed by Win Business. The Japanese company will also develop the block as the sole operator until a later time when PetroChina will assume operational responsibility.
China has reportedly been "stepping up" developments in natural gas production. In 2007, Tarim field gas output increased more than 50% to 15.4 Bcm, according to China National Petroleum Corporation (CNPC), the parent company of PetroChina.
"The field has become the nation's largest gas production base after less than 20 years of development," CNPC said.
The block on which Win Business will operate covers 74,766 square kilometers.
Natural gas reserve estimates at Tarim total 8.93 Tcm, which constitutes 22% of China's gas reserves.
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