Win-Win: PetroChina, Win Business Enter PSC For Tarim Gas Field
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.
We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at firstname.lastname@example.org .
- Iraq's Talks with Exxon on Southern Oilfields in Final Stages-Minister (Oct 09)
- Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan (Oct 06)
- Kazakhstan To Sell 5 Bcm Of Gas To China For $1B (Oct 03)
Company: CNPC more info
- China's CNPC Starts Third Natural Gas Pipeline To Shanghai (Oct 13)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
- CNPC, Guangdong Sign Strategic Deal On S. China Sea Methane Hydrate (Aug 28)