PetroChina to invest 53 billion yuan in E&D in next 5 years

PetroChina Co. Ltd. plans to invest 53 billion yuan in the next 5 years in oil and gas exploration and development. Its E&D outlay will average 10.6 billion yuan/year over the period, slightly lower than the 11.1 billion yuan in 2000. The company anticipates discovery costs to $1.16/bbl in 2001, vs. $1/bbl for 2000.

Jan. 3, 2001

BEIJING PetroChina Co. Ltd. plans to invest 53 billion yuan in the next 5 years in oil and gas exploration and development.

Its E&D outlay will average 10.6 billion yuan/year over the period, slightly lower than the 11.1 billion yuan in 2000. The company anticipates discovery costs of $1.16/bbl in 2001, vs. $1/bbl for 2000.

PetroChina in the next 5 years expects to prove 2 billion to 2.4 billion tonnes of crude reserves and 750 billion-800 billion cu m of gas reserves.

The company's gas production is expected to grow to 43.3 billion cu m/year by 2005 from the 19 billion cu m this year (OGJ Online, Dec. 26, 2000).

Of the gas reserve additions, 400 billion cu m are expected to be discovered in Tarim basin in northwestern China's Xinjiang region. PetroChina plans to prove 100 billion cu m of gas reserves this year.