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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)
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To: ms.smartest.person who wrote (4502)1/21/2001 8:10:54 PM
From: ms.smartest.person  Read Replies (1) of 4541
 
OT/ PetroChina discovered a massive natural gas field

A massive natural gas field with proven reserves of 220 billion cubic metres has been discovered in Sulige, in North China's Inner Mongolia Autonomous Region, after a decade-long exploration, China's largest oil producer PetroChina (857) announced yesterday.

Sulige is part of Changqing, an oil and gas field in the Ordos Basin which is the second largest in the country following the Shengli Oilfield in East China's Shandong Province. Changqing has more than 900 million tons of crude oil reserves.

"The actual reserves of the gasfield could total 700 billion cubic metres," said Huang Yan, president and chief executive officer of PetroChina Company Ltd.

Building a second pipeline to carry the natural gas from the gasfield to major areas in North China and coastal areas, including Beijing, Tianjin, Hebei and Shandong provinces, will begin once the State Development Planning Commission (SDPC) has given the go-ahead to the project, said Huang.

Huang said the company has already signed contracts with the RoyalDutch Shell Group for the programme to set up a second gas line.

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