PetroChina Finds Major Gas Field
While China and Japan are far apart on exploration rights in the East China Sea PetroChina has discovered a major gasfield in the nation's northwest Xinjiang region.
The gasfield is known as Dabei III and has an estimated 130 billion cubic meters (4.3 trillion cubic feet) of reserves.
It "will serve as an important back up supply source for the west-east gas pipelines", says a source to the China Daily newspaper.
A backup? Just a backup?
The announcement came AFTER PetroChina listed in Hong Kong and Ne
w York.
A second West-East natural gas pipeline will begin construction next year and gas will start flowing in 2010. The pipeline will carry gas from Dabei III and gas from Turkmenistan and Kazakhstan.
It is potentially the third largest gasfield after Kela II and Dina II gasfields which have proven reserves of 250 billion and 170 billion cubic meters.
China is a user indeed…but if it keeps coming up with resources like this…the country will indeed be happy campers.
What do you think?
130 cubic meters… is that a lot?
The problem with these oil/gas discovery news is that the amount certainly lack context. As in how much is the the discovered amount compare to the annual energy usage. Without being an industry insider, these numbers are not easy to find and not easy to read. To make matters worse these numbers are in constant flux.
I think these type of article would be more useful if these informations are provided as well.
China seem to find a lot of gas but not much crude oil.
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