Total to Start Gas Production Project in China
PARIS (Dow Jones Newswires), March 23, 2011
Total with partner PetroChina will start a non-conventional gas production project in China, La Tribune newspaper reported, citing the French company's Chief Executive Officer Christophe de Margerie.
PetroChina will own 51% of the operation, located in Interior Mongolia, the newspaper said.
The project will require $2 billion in investment and is expected to start production in 2012 or 2013. Output will plateau at 50,000 barrels of oil equivalent a day, La Tribune said. The reserves are estimated at 440 million barrels of oil equivalent.
Total also plans to open a second oil refinery in China, the newspaper said.
Separately, the French company's CEO said Total won the rights to operate a field in Uganda.
No officials at Total were immediately available for comment.
Copyright (c) 2011 Dow Jones & Company, Inc.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: PetroChina more info
- Sources: PetroChina To Take On Global Rivals In Major Expansion Drive (Dec 18)
- Media: Three Dead After Suspected Gas Leak At PetroChina Refinery (Nov 20)
- PetroChina, Beijing Firm Doubling LNG Storage in Caofeidian as Demand Rises (Nov 06)