PetroChina Discovers High Gas Flow in Changqing Zizhou Field



BEIJING (Dow Jones Newswires), Sep. 1, 2010

PetroChina has found high gas flow at a well in Zizhou gas field, the new production block at its second-largest Changqing oil field, with daily output of 1.07 million cubic meters, parent China National Petroleum Corp. said in its in-house newsletter Wednesday.

It is the first well to exceed a million cubic meters a day at Zizhou, where gas has been under development over the last six years, the company said.

PetroChina produced 10.9 billion cubic meters of natural gas in the first half of this year its Changqing property, up 13.5% compared with the same period last year, the company said previously.

Changqing produced 19 billion cubic meters of natural gas and 15.7 million tons of crude oil last year, with natural gas accounting for about half of 2009's total production--30 million tons of oil equivalent.

The company plans to produce 35 million tons of oil equivalent this year in Changqing, it had said.

PetroChina is targeting annual oil and gas output of 50 million tons of oil equivalent from the field by 2015.

Copyright (c) 2010 Dow Jones & Company, Inc.


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