PETROCHINA TEAMS UP WITH STATOIL

AsiaInfo Services, October, 2007

AsiaInfo Services 10-12-2007 PetroChina Teams up with Statoil BEIJING, Oct 12, 2007 (SinoCast via COMTEX) -- Chinese oil giant PetroChina is said to have entered into an initial agreement with Norway-based Statoil ASA to jointly exploit an oilfield with prospective reserves of more than 733 million barrels in Northeastern China, revealed insiders familiar with the Chinese company. The formal agreement, which is expected to be inked in late October, will allow the Norwegian oil company to continue its exploration in China after its cooperation with China's third largest oil refiner China National Offshore Oil Corporation in South China Sea. Under terms of the agreement, Statoil will try it utmost to help PetroChina to lift the production capacity of the Jilin-based...

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