China's CNPC adds 300 million tonnes in reserves

0 Comments | AFP, August, 2005

SHANGHAI (AFP) — China National Petroleum Corporation (CNPC), the parent company of Hong Kong-listed PetroChina, has ramped up its reserves of oil and gas after major discoveries.

Following several findings CNPC, whose international arm just agreed to buy Canadian-listed Kazakh oil PetroKazakhstan Inc for 4.18 billion dollars, has increased its oil reserves by 300 million tonnes and gas by 150 billion cubic meters, the China Daily said.

The report did not say if these were proven reserves.

Discoveries included 200 million tonnes of oil in the Jidong field of Bohai Bay Basin and 100 million cubic metres of natural gas in the Songliao Basin in northeast China, the newspapers said citing an unnamed company official.

CNPC also expects oil reserves in...