Date
20 October 2017

PetroChina finds huge gas deposit in Sichuan Basin, paper says

PetroChina Co. Ltd. (00857.HK, 601857.CN), China’s largest oil and gas producer, has discovered a gas deposit equivalent to two years of national consumption in southwest China’s Sichuan Basin, China Daily reported Tuesday, citing a statement from parent company China National Petroleum Corp. The Ministry of Land and Resources has certified that the find at Moxi block in Anyue field holds about 440.4 billion cubic meters of proven geological reserves, of which 308.2 billion cubic meters is “technically recoverable”, CNPC said, without giving cost and time estimates on the field’s development. The country’s gas consumption for 2013 rose 13.9 percent from the previous year to 167.6 billion cubic meters, making it the world’s third-largest gas consumer, the report said, adding that over 30 percent of the volume was imported.

– Contact HKEJ [email protected]

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