China Trade Information

PetroChina Co Ltd will release official gas reserve estimates for Longgang field in southwestern China’s Sichuan province in October, the China Business News reported.

The paper quoted a company official as saying that the field, situated on the boundary between the three counties of Yilong, Yingshen, and Pingchang, holds at least 300 bln cubic meters of natural gas. It may contain as much as 1 trln cubic meters, equivalent to 1 bln tons of crude oil.

Currently, PetroChina’s Sulige field in the Ordos Basin is the largest with proven reserves of 533.6 bln cubic meters. Sinopec’s Puguang field in Sichuan is second with proven reserves of 350 bln, the paper said.

Last summer, China National Petroleum Corporation (CNPC), parent company of PetroChina, declared it’s discovery of the Jidong Nanpu Oil Field in North China’s Bohai Bay, which contains 1.18 billion tons of oil and gas reserves.

The exploration of Longgang gas field was launched in April 2006, when CNPC’s central Sichuan branch discovered that the area was extremely rich in natural gas, according to a report on chinastakes.com.

Tags: CNPC, PetroChina, Petroleum, Sinopec

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