By Wang Ying
Dec. 9 (Bloomberg) -- China Petroleum & Chemical Corp. boosted its proven oil and gas reserves at its second-biggest field by 16 percent this year after making ``significant'' progress in exploration, its parent said.
Sinopec, as China Petroleum is known, added 135 million metric tons of proven reserves at the Tahe field in the northwestern province of Xinjiang this year, increasing the accumulative deposits to 996 million tons, parent China Petrochemical Corp. said in a statement in its in-house newsletter today.
``This has the potential of lifting Sinopec's total proven oil and gas reserves by about 5 percent from the current 4 billion barrels of oil equivalent,'' Gordon Kwan, energy analyst at CLSA Ltd., said in a note today. He based the calculations on an estimate that about 20 percent of the additional 135 million tons could be recoverable.
Sinopec, China's second-biggest oil company, and rivals including PetroChina Co. and Cnooc Ltd. are increasing exploration to meet rising energy demand in the world's fourth- biggest economy. All the projected increase in world oil demand by 2030 will come from countries outside the Organization for Economic Cooperation and Development, including China and India, according to the International Energy Agency.
The additional reserves found this year at Tahe is 39.7 million tons, or 42 percent, more than in 2007, Sinopec Group, as China Petrochemical is known, said.
The Hong Kong-listed oil company produced 5.58 million tons of oil equivalent as of Dec. 2 this year, compared with 5.36 million tons last year, Sinopec Group said. The Tahe field was started in 1997 with an annual production of 390,000 tons at the time, it said.
To contact the reporter on this story: Wang Ying in Beijing at ywang30@bloomberg.net.
Posts
No comments:
Post a Comment