COMPANIES SLATE ASSESSMENT OF CHINESE ACREAGE

Several companies have agreed to form a bidding group to evaluate five blocks in the southeast part of China's highly prospective Tarim basin in Xinjiang autonomous region. Exxon Corp., with a 33% interest, will lead the group. Its partners are Mobil Corp. 35%, British Gas Exploration & Production Ltd. 15%, Sumitomo Corp. 7.5%, and Indonesia Petroleum Ltd. 7.5%. China National Petroleum Corp. offered the acreage early this year (OGJ, Apr. 12, p. 36), in the first offering of exploration
Sept. 6, 1993

Several companies have agreed to form a bidding group to evaluate five blocks in the southeast part of China's highly prospective Tarim basin in Xinjiang autonomous region.

Exxon Corp., with a 33% interest, will lead the group. Its partners are Mobil Corp. 35%, British Gas Exploration & Production Ltd. 15%, Sumitomo Corp. 7.5%, and Indonesia Petroleum Ltd. 7.5%.

China National Petroleum Corp. offered the acreage early this year (OGJ, Apr. 12, p. 36), in the first offering of exploration blocks in the remote basin. Bids are due Oct. 31.

China National Petroleum Corp. Pres. Wang Tao has reiterated the country's plans to lay a crude oil pipeline from the Tarim basin to eastern China's populated area, estimating cost of the project at $1.75 billion. Wang said the country will welcome foreign investment in the project.

Copyright 1993 Oil & Gas Journal. All Rights Reserved.

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