Large natural gas field discovered offshore China

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

Comments:

Post a Comment:

Comments are closed for this entry.

« Singaporeans "prefer... | Main | China's first strate... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Live spot gold price quotes chart on COMEX
4. Fuel prices seen stoking Malaysia inflation in 2008
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
7. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
8. Singapore : electricity tariffs to increase April 2008 on rising oil prices

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
8. Singapore : Inflation erodes away bank savings