CNPC Acquires Stake in North Buzachi Field

CNPC has acquired a 35% stake in the North Buzachi Field in Kazakhstan from Nimr Petroleum of Saudi Arabia. The North Buzachi Field is estimated hold more than a billion barrels of crude.

CNPC is currently in negotiations with ChevronTexaco to purchase its stake. ChevronTexaco is the operator of the field. The onshore field currently produces 8,000 barrels a day of a heavy, low-sulphur crude. A CNPC official said that it is an underdeveloped field of heavy crude and it could be transported through a proposed crude oil pipeline running from Kazakhstan to China's border in the northwest Xinjiang Uighur Autonomous Region.

CNPC holds 86 percent of CNPC-Aktobenmunaigaz, Kazakhstan's third-largest crude producer, with output expected at 5.2 million tons, or 100,000 bpd, in 2003. Kazakhstan is CNPC's second-largest investment overseas, after Sudan.