Wednesday June 21, 2006

Large natural gas field discovered offshore China

channelnewsasia.com :

Canada's Husky Energy Inc has discovered a significant deepwater gas reserve with its Chinese partner, China National Offshore Oil Corp (CNOOC), in the South China Sea near Hong Kong. Based on preliminary analysis of drilling results, the discovery could contain a potential recoverable resource of four to six trillion cubic feet (120 billion to 180 billion cubic meters) of natural gas, the energy company said. The discovery was made in the mouth of the Pearl River about 250 kilometres (150 miles) south of Hong Kong.

english.people.com.cn :

Canada-listed Husky Energy Inc. announced last Wednesday that the Liwan 3-1-1 field identified on block 29/26, a production sharing contract (PSC) block with the CNOOC in the Pearl River Mouth Basin, was estimated to contain a potential recoverable reserve of four to six trillion cubic feet of natural gas. Husky found natural gas in its first well drilled in the block.

The recoverable reserve of the possible field could be confirmed only after more wells were drilled and further evaluations were made, said Xiao Zongwei, spokesman for CNOOC Ltd. Under the PSC between Husky and CNOOC signed in 2004, CNOOC Ltd. has a stake of up to 51 percent in the development of any discovery.

If confirmed, the discovery, drilled at a depth of 1,500 meters, may be the first significant deep-water gas discovery offshore China, indicating a possible huge increase in China's oil and gas reserves, said experts.

(2006-06-21 12:23:52 SGT) [Energy] Permalink

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