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Chevron to jointly develop Chinese gas field
Shanghai (AFP) Dec 19, 2007 US energy giant Chevron Corp has signed a 30-year product-sharing contract with China National Petroleum Corp (CNPC) to jointly develop a large gas field in southwestern China. The gas block, occupying 1,969 square kilometres (757.3 square miles), marked China's largest onshore exploration involving a foreign group, said a CNPC statement released Tuesday. Under the terms, CNPC, the parent of China's largest oil producer PetroChina, will hold a 51 percent stake in the Chuandongbei gas block in Sichuan province while Chevron has the remaining 49 percent, it said. The field has proven reserves of 175.97 billion cubic meters (6.2 trillion cubic feet). "The signing of the contract demonstrates our worldwide focus on large-scale exploration and production projects, and our long-term strategy to grow our business in China," Dave O'Reilly, Chevron's chief executive said. Last year, CNPC signed a deal with French energy firm Total to explore the Sulige gas field in the Inner Mongolia region. That deal followed plans to jointly develop the Changbei gas field in the same region with Anglo-Dutch oil giant Royal Dutch Shell. China's natural gas output is expected to nearly double to 94 billion cubic meters in 2010 from 58.6 billion cubic meters in 2006, but it will still need imports to fill a gap of 16 billion cubic meters annually, according to Xinhua. Community Email This Article Comment On This Article Related Links Powering The World in the 21st Century at Energy-Daily.com
SAFE Proclaims Energy Victory Proudest Moment of This Congress
Washington DC (SPX) Dec 19, 2007Securing Americas Future Energy (SAFE) has praised final House approval of historic energy legislation that will help reduce U.S. oil dependence through a robust strengthening and reform of fuel-economy standards and a renewable fuel standard. The bill, now headed for the presidents desk, incorporates key elements of the Recommendations to the Nation on Reducing U.S. Oil Dependence, a report issued by SAFEs Energy Security Leadership Council (ESLC) last December. |
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