Others News
- PetroChina still assessing gas reserve size
Date: 9-Nov-2007 Sources: (Shenzhen Daily)
PETROCHINA Co., China's largest listed oil and gas producer, said Thursday it is still assessing the size of reserves at the Longgang gas field, possibly the country's biggest, in southwestern Sichuan Province.
'We are still assessing the reserves and haven't submitted (the reserve report) to the government for approval,'Tang Yali, vice president of PetroChina's Natural Gas & Pipeline Co., told reporters on the sidelines of the Asia Gas Congress in Beijing.
The market is waiting for PetroChina to formally announce the size of reserves at Longgang, since company president Jiang Jiemin said in mid-March it has ' huge?gas potential and could be China's largest gas find.
Longgang likely has two to three times the reserves of Sinopec's Puguang field, with 356 billion cubic meters of gas, the China Daily reported in May, citing a senior consultant to PetroChina's parent China National Petroleum Corp.
By 2010, China plans to double the share of natural gas in its energy mix to 5.3 percent of total energy consumption, from 2.8 percent in 2005, as the country seeks to lower its dependency on coal and oil, key contributors to pollution and environmental damage.
Tang also said he expects PetroChina's natural gas sales this year to reach 45 billion cubic meters, or 1.589 trillion cubic feet. He didn't give comparison figures.
Earlier this year, the company said it expects this year's natural gas output to reach 1.665 trillion cubic feet, up from 1.372 trillion cubic feet in 2006.
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