CNPC Looking At Azerbaijan Exploration Possibilities

CNPC officials will be meeting with SOCAR later this month to discuss the viability of jointly developing several onshore oil fields in Azerbaijan. Natik Aliyev, president of SOCAR, said that two companies will carry out feasibility studies about joint exploration of several Azerbaijan's onshore oilfields. Aliyev was quoted by Zhongguo Shiyou Shangwu Wang as saying that CNPC may choose oilfields or oil blocks to explore during the meeting. China National Oil and Gas Exploration and Development Corp., a subsidiary of CNPC, will take part in the Sino-Azerbaijan discussions as well.

CNODC and CNPC (Hong Kong) Ltd. acquired 30% interest in the Kursangi and Karabagli oil fields in Azerbaijan. The two subsidiaries of CNPC signed separate agreements to acquire shares in the oilfields from the European Bank for Reconstruction and Development for US $52 million.