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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1278)9/2/1999 11:21:00 AM
From: Tomas   of 2742
 
China CNPC Equity Oil In Sudan To Reach 2.4M MT In 2000
Dow Jones Energy Service, September 2

SINGAPORE (Dow Jones)--China National Petroleum Corp. is expected to
acquire 2.4 million metric tons of equity oil in 2000 from blocks 1, 2 and
4 which it is operating at a field in Sudan's Muglad Basin, a company
official said Thursday.

The first crude export cargo from the blocks, totaling 600,000 barrels,
was shipped at the end of August to a refinery at Pulau Bukom in Singapore
owned by Shell Eastern Petroleum Pte. Ltd., a unit of the Royal
Dutch/Shell Group (RD), he said.

CNPC acquired a 40% stake in the three blocks in 1996. The other
shareholders are Canada's Talisman (Greater Nile) BV (25%), Petronas
Carigali (Nile) Sdn. Bhd. (30%) and Sudapet Ltd. (5%).

CNPC has so far invested $700 million in the 49,000- square-kilometer
field, which is now able to produce 10 million tons of crude a year.

CNPC completed the construction of a refinery and pipeline in Sudan in
June. The refinery can process 2.5 million tons of oil a year. The
1,506-kilometer pipeline links Heglid in southern Sudan to Port Sudan on
the Red Sea.

CNPC is now operating in nine countries. The equity oil from CNPC's
overseas fields totaled 1.98 million tons in 1998.
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