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China Finds Huge New Gas Field
DATE: May 23, 2002
FROM: Associated Press
Copyright 2002
All rights reserved.
BEIJING (AP) - Researchers have discovered China`s biggest natural gas reserves to date in its northern region of Inner Mongolia, the government said Thursday.
The field is believed to hold 21 trillion cubic feet of gas, said Yan Qisheng, an official of the Ministry of Science and Technology.
However, Yan said the discovery shouldn`t affect China`s decision on a massive gas import deal to be announced soon. Companies from Indonesia, Australia and Qatar are competing for the 20-year contract.
``China`s demand for gas is big, and the supply cannot meet demand,`` said Yan, director of the ministry`s department of resource development.
The Inner Mongolia field is expected to supply Beijing and other major eastern Chinese cities, Yan said. They are trying to reduce air pollution by using cleaner gas and less coal and imported oil.
Beijing has some of the world`s dirtiest air and has promised to clean it up before the 2008 Olympics are held in the Chinese capital.
The new gas field was found in the Erdos region of Inner Mongolia in 1999, but its vast size wasn`t known until recently, said Yan.
Beijing should start receiving gas from the field within two years, she said. The field is expected to produce about 227 billion cubic feet of gas a year.
Yan said she didn`t know the official estimate of the value of the gas, but said it probably would be priced at about 19 cents per 100 cubic feet at the wellhead. At that price, the total deposit would be worth about $40 billion.
Beijing consumes 49 billion cubic feet of gas per year, but that accounts for only 10 percent of its energy use, according to the state newspaper China Daily.
China Finds Huge New Gas Field
DATE: May 23, 2002
FROM: Associated Press
Copyright 2002
All rights reserved.
BEIJING (AP) - Researchers have discovered China`s biggest natural gas reserves to date in its northern region of Inner Mongolia, the government said Thursday.
The field is believed to hold 21 trillion cubic feet of gas, said Yan Qisheng, an official of the Ministry of Science and Technology.
However, Yan said the discovery shouldn`t affect China`s decision on a massive gas import deal to be announced soon. Companies from Indonesia, Australia and Qatar are competing for the 20-year contract.
``China`s demand for gas is big, and the supply cannot meet demand,`` said Yan, director of the ministry`s department of resource development.
The Inner Mongolia field is expected to supply Beijing and other major eastern Chinese cities, Yan said. They are trying to reduce air pollution by using cleaner gas and less coal and imported oil.
Beijing has some of the world`s dirtiest air and has promised to clean it up before the 2008 Olympics are held in the Chinese capital.
The new gas field was found in the Erdos region of Inner Mongolia in 1999, but its vast size wasn`t known until recently, said Yan.
Beijing should start receiving gas from the field within two years, she said. The field is expected to produce about 227 billion cubic feet of gas a year.
Yan said she didn`t know the official estimate of the value of the gas, but said it probably would be priced at about 19 cents per 100 cubic feet at the wellhead. At that price, the total deposit would be worth about $40 billion.
Beijing consumes 49 billion cubic feet of gas per year, but that accounts for only 10 percent of its energy use, according to the state newspaper China Daily.
Google Übersetzung:
China Findet Sehr großes Neues Gas Feld
Durch Associated Press
Mai 23, 2002, 8:12 Morgens EDT
BEIJING -- Forscher haben Chinas größte Erdgasreserven bis jetzt in seiner Nordregion von innerer Mongolei entdeckt, die gesagte Regierung Donnerstag.
Das Feld wird geglaubt, um 21 Trillion Kubikfuß Gas zu halten, Yan Qisheng, ein Beamter des Ministeriums der Wissenschaft und der Technologie sagte.
Jedoch sagte Yan, daß die Entdeckung nicht Entscheidung Chinas über ein massives bald zu verkündendes Gasimportabkommen beeinflussen sollte. Firmen von Indonesien, von Australien und von Qatar konkurrieren für den Vertrag 20-year.
"Nachfrage Chinas nach Gas ist groß, und das Versorgungsmaterial kann nicht Nachfrage befriedigen,", sagte Yan, Direktor der Abteilung des Ministeriums der Hilfsmittelentwicklung.
Das innere Mongoleifeld wird erwartet, gesagtes Yan zu liefern Beijing und andere östliche chinesische hauptsächlichstädte. Sie versuchen, Luftverschmutzung zu verringern, indem sie saubereres Gas und weniger Kohle und importiertes Öl verwenden.
Beijing hat etwas von der schmutzigsten Luft der Welt und hat versprochen, sie oben zu säubern, bevor die 2008 Olympics im chinesischen Kapital gehalten werden.
Das neue Gasfeld wurde in der Region Erdos von innerer Mongolei 1999 gefunden, aber seine beträchtliche Größe bekannt nicht bis vor kurzem, sagte Yan.
Beijing sollte Gas, vom Feld innerhalb zwei Jahre zu empfangen beginnen, sagte sie. Das Feld wird erwartet, um ungefähr 227 Milliarde Kubikfuß Gas ein Jahr zu produzieren.
Yan sagte, daß sie nicht die amtliche Schätzung des Wertes des Gases kannte, aber gesagt ihm vermutlich an ungefähr 19 Cents pro 100 Kubikfuß an der Hauptquelle Preis festgesetzt Sie seien. Zu diesem Preis würde die Gesamtablagerung ungefähr $40 Milliarde wertSEIN.
Beijing verbraucht 49 Milliarde Kubikfuß Gas pro Jahr, aber dieses Konten für nur 10 Prozent seines Energiegebrauches, entsprechend der Zustandzeitung tägliches China.
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Copyright durch
Daily Peoples online
alle Rechte vorbehalten
Google Übersetzung:
Donnerstag, Mai 23, 2002
Chinas größtes Gasfield gefunden in innerer Mongolei
Wissenschaftler haben das größte natürliche gasfield der Nation mit massiven nachgewiesenen Reserven in der Liga Ih Ju Meng der inneren autonomen Region Mongolei in Nordchina entdeckt.
Das gasfield, ca. 602,5 Milliarde Kubikmeßinstrumente in der Größe, gibt genügende Energieunterstützung während einer beträchtlichen Zeit für Stadtbezirke Beijing und Tianjin, Norden-, Osten- und Zentrale- China, Shaanxi- und Gansu- Provinzen und die autonome Region Ningxia Hui in Nordwestchina, das Ministerium der Wissenschaft und Technologie verkündeten Mittwoch in Beijing.
Das natürliche gasfield wird erwartet, um durchschnittlichen 6,5 Milliarde Kubikmeßinstrumente in den folgenden fünf Jahren jährlich zu produzieren, sagte den Generalsekretär Shi Dinghuan des Ministeriums.
"das Feld unterstützt groß das Projekt des Landes der Westen-zu-Ostengastransport- und -hilfenmühelosigkeit der Energiemangel in den östlichen Bereichen, `` besagtes Shi.
Das Feld wird erwartet, um Erdgas zu Beijing und andere Hauptstädte in den östlichen Bereichen zu ergänzen, Kohleverbrauch auf einem bestimmten Grad und verringert hilft folglich, Luftverschmutzung in den Städte, entsprechend Qian Kai herabzusetzen, in einem Forscher mit dem chinesischen Institut der Ölerforschung.
Beijing verbraucht einen Durchschnitt von 1,4 Milliarde Kubikmeßinstrumenten Erdgas jedes Jahr, weniger als 10 Prozent seiner Gesamtenergiebetriebsmittel.
Wenn Erdgas 30 Prozent seines Gesamtenergieverbrauchs erklärt, kann das Kapital ziemlich gute Luftqualität genießen, sagte Qian.
Bis 2008 wenn Beijing die olympischen Spiele umfaßt, wird das Kapital erwartet, um ungefähr 6 Milliarde Kubikmeßinstrumente Erdgas zu benutzen und bildet herauf mehr als 10 Prozent seines Gesamtenergieverbrauchs. Dann wird Luftqualität Beijings beträchtlich verbessert, Qian sagte.
Er addierte, daß dieses neu-entdeckte Gasfeld auch China auf Ölimporten weniger beruhen läßt vom Ausland.
Das gasfield ist im Bassin Erdos, beschrieben als, eine schwierige Oberfläche habend. Dieses warf Schwierigkeiten auf, damit Wissenschaftler das Feld klopfen. Jedoch hat ein technologischer Durchbruch Wissenschaftlern erlaubt, die wesentlichen Betriebsmittel zu erreichen, ihn Zixin, Abgeordneter Direktor Changqing Oil und Gasfield Company sagte, das in der Felderforschung sich engagierte.
Die Firma ist ein Hauptausführender, wenn sie Gas nach Shanghai transportiert und die Yangtzefluss-Deltabereiche als Teil des Westen-zu-Ostens des Landes gasen Transportprojekt.
Das Ministerium der Wissenschaft und der Technologie fährt fort, Unterstützung zur Erforschung des Öls zu geben und Erdgasbetriebsmittel in den nächsten Jahren zum Unterstützen der Sicherheit der Energiebetriebsmittel des Landes, sagten Vize-Ministerli Xueyong.
In Verbindung stehende Nachrichten:
Extrem-großes Gasfeld gefunden in innerer Mongolei (Jan. 22, 2001)
PetroChina hat kürzlich ein extrem-großes Gasfeld in der Liga Ih Ju von innerer Mongolei entdeckt, wenn über 500 Milliarde Kubikmeßinstrumente Erdgas geschätzt sind, gleichwertig mit einem extrem-großen Ölfeld mit einer Reservemenge von 500 Million Tonnen Öl.
Das Gasfeld, wie berichtet, wird vorausgesagt, um eine Perspektive nachgewiesene Reserve von über 700 Milliarde Kubikmeßinstrumenten Erdgas zu haben, zum Sein das größte in China und eins der größten Welt.
Eine Reserve von 220,4 Milliarde Kubikmeßinstrumenten Erdgas wurde letztes Jahr berichtet. Jetzt 8 Brunnen, die gut, mit einer Tagesleistung von 600.000 Kubikmeßinstrumenten Erdgas und von höchsten von 1,2 Million Kubikmeßinstrumenten durch ein einzelnes, Erdos dadurch gewinnen Bassin der Ruhm mit dem größten Gas-Versorgungsmaterial in China durchgeführt werden.
China Findet Sehr großes Neues Gas Feld
Durch Associated Press
Mai 23, 2002, 8:12 Morgens EDT
BEIJING -- Forscher haben Chinas größte Erdgasreserven bis jetzt in seiner Nordregion von innerer Mongolei entdeckt, die gesagte Regierung Donnerstag.
Das Feld wird geglaubt, um 21 Trillion Kubikfuß Gas zu halten, Yan Qisheng, ein Beamter des Ministeriums der Wissenschaft und der Technologie sagte.
Jedoch sagte Yan, daß die Entdeckung nicht Entscheidung Chinas über ein massives bald zu verkündendes Gasimportabkommen beeinflussen sollte. Firmen von Indonesien, von Australien und von Qatar konkurrieren für den Vertrag 20-year.
"Nachfrage Chinas nach Gas ist groß, und das Versorgungsmaterial kann nicht Nachfrage befriedigen,", sagte Yan, Direktor der Abteilung des Ministeriums der Hilfsmittelentwicklung.
Das innere Mongoleifeld wird erwartet, gesagtes Yan zu liefern Beijing und andere östliche chinesische hauptsächlichstädte. Sie versuchen, Luftverschmutzung zu verringern, indem sie saubereres Gas und weniger Kohle und importiertes Öl verwenden.
Beijing hat etwas von der schmutzigsten Luft der Welt und hat versprochen, sie oben zu säubern, bevor die 2008 Olympics im chinesischen Kapital gehalten werden.
Das neue Gasfeld wurde in der Region Erdos von innerer Mongolei 1999 gefunden, aber seine beträchtliche Größe bekannt nicht bis vor kurzem, sagte Yan.
Beijing sollte Gas, vom Feld innerhalb zwei Jahre zu empfangen beginnen, sagte sie. Das Feld wird erwartet, um ungefähr 227 Milliarde Kubikfuß Gas ein Jahr zu produzieren.
Yan sagte, daß sie nicht die amtliche Schätzung des Wertes des Gases kannte, aber gesagt ihm vermutlich an ungefähr 19 Cents pro 100 Kubikfuß an der Hauptquelle Preis festgesetzt Sie seien. Zu diesem Preis würde die Gesamtablagerung ungefähr $40 Milliarde wertSEIN.
Beijing verbraucht 49 Milliarde Kubikfuß Gas pro Jahr, aber dieses Konten für nur 10 Prozent seines Energiegebrauches, entsprechend der Zustandzeitung tägliches China.
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Copyright durch
Daily Peoples online
alle Rechte vorbehalten
Google Übersetzung:
Donnerstag, Mai 23, 2002
Chinas größtes Gasfield gefunden in innerer Mongolei
Wissenschaftler haben das größte natürliche gasfield der Nation mit massiven nachgewiesenen Reserven in der Liga Ih Ju Meng der inneren autonomen Region Mongolei in Nordchina entdeckt.
Das gasfield, ca. 602,5 Milliarde Kubikmeßinstrumente in der Größe, gibt genügende Energieunterstützung während einer beträchtlichen Zeit für Stadtbezirke Beijing und Tianjin, Norden-, Osten- und Zentrale- China, Shaanxi- und Gansu- Provinzen und die autonome Region Ningxia Hui in Nordwestchina, das Ministerium der Wissenschaft und Technologie verkündeten Mittwoch in Beijing.
Das natürliche gasfield wird erwartet, um durchschnittlichen 6,5 Milliarde Kubikmeßinstrumente in den folgenden fünf Jahren jährlich zu produzieren, sagte den Generalsekretär Shi Dinghuan des Ministeriums.
"das Feld unterstützt groß das Projekt des Landes der Westen-zu-Ostengastransport- und -hilfenmühelosigkeit der Energiemangel in den östlichen Bereichen, `` besagtes Shi.
Das Feld wird erwartet, um Erdgas zu Beijing und andere Hauptstädte in den östlichen Bereichen zu ergänzen, Kohleverbrauch auf einem bestimmten Grad und verringert hilft folglich, Luftverschmutzung in den Städte, entsprechend Qian Kai herabzusetzen, in einem Forscher mit dem chinesischen Institut der Ölerforschung.
Beijing verbraucht einen Durchschnitt von 1,4 Milliarde Kubikmeßinstrumenten Erdgas jedes Jahr, weniger als 10 Prozent seiner Gesamtenergiebetriebsmittel.
Wenn Erdgas 30 Prozent seines Gesamtenergieverbrauchs erklärt, kann das Kapital ziemlich gute Luftqualität genießen, sagte Qian.
Bis 2008 wenn Beijing die olympischen Spiele umfaßt, wird das Kapital erwartet, um ungefähr 6 Milliarde Kubikmeßinstrumente Erdgas zu benutzen und bildet herauf mehr als 10 Prozent seines Gesamtenergieverbrauchs. Dann wird Luftqualität Beijings beträchtlich verbessert, Qian sagte.
Er addierte, daß dieses neu-entdeckte Gasfeld auch China auf Ölimporten weniger beruhen läßt vom Ausland.
Das gasfield ist im Bassin Erdos, beschrieben als, eine schwierige Oberfläche habend. Dieses warf Schwierigkeiten auf, damit Wissenschaftler das Feld klopfen. Jedoch hat ein technologischer Durchbruch Wissenschaftlern erlaubt, die wesentlichen Betriebsmittel zu erreichen, ihn Zixin, Abgeordneter Direktor Changqing Oil und Gasfield Company sagte, das in der Felderforschung sich engagierte.
Die Firma ist ein Hauptausführender, wenn sie Gas nach Shanghai transportiert und die Yangtzefluss-Deltabereiche als Teil des Westen-zu-Ostens des Landes gasen Transportprojekt.
Das Ministerium der Wissenschaft und der Technologie fährt fort, Unterstützung zur Erforschung des Öls zu geben und Erdgasbetriebsmittel in den nächsten Jahren zum Unterstützen der Sicherheit der Energiebetriebsmittel des Landes, sagten Vize-Ministerli Xueyong.
In Verbindung stehende Nachrichten:
Extrem-großes Gasfeld gefunden in innerer Mongolei (Jan. 22, 2001)
PetroChina hat kürzlich ein extrem-großes Gasfeld in der Liga Ih Ju von innerer Mongolei entdeckt, wenn über 500 Milliarde Kubikmeßinstrumente Erdgas geschätzt sind, gleichwertig mit einem extrem-großen Ölfeld mit einer Reservemenge von 500 Million Tonnen Öl.
Das Gasfeld, wie berichtet, wird vorausgesagt, um eine Perspektive nachgewiesene Reserve von über 700 Milliarde Kubikmeßinstrumenten Erdgas zu haben, zum Sein das größte in China und eins der größten Welt.
Eine Reserve von 220,4 Milliarde Kubikmeßinstrumenten Erdgas wurde letztes Jahr berichtet. Jetzt 8 Brunnen, die gut, mit einer Tagesleistung von 600.000 Kubikmeßinstrumenten Erdgas und von höchsten von 1,2 Million Kubikmeßinstrumenten durch ein einzelnes, Erdos dadurch gewinnen Bassin der Ruhm mit dem größten Gas-Versorgungsmaterial in China durchgeführt werden.
volume 7, issue #12 - Thursday, June 13, 2002
Asia to be short of natural gas after 2015
An energy expert of the Economy Cooperation and Development Organization forecasted,
"Asia will be short of natural gas after 2015 and the cost of Asia natural gas will go up."
He said, "In Asia, the natural gas repertory places are far from the consumption centres. Therefore, cost of transportation is quite expensive. It needs a large sum of money to exploit new natural gas mines because of the production and transportation. Every Asia country government should consider the security problem of natural gas supply. They should take actions to utilize the natural resources in a multiple way and not only depend on high-cost natural gas."
According to the forecast, due to economic increase and environment protection, Asia countries will transfer energy utilizing from coal into natural gas. Asia will convert from a natural gas exporting area into a natural gas importing area after 2015.
Source: AsiaPort
---------------------------------------------------------
volume 7, issue #12 - Thursday, June 13, 2002
National technology programs boost gas field discoveries in China
24-05-02 National technological programs are stepping up China`s pace on developing super gas fields in the northwest, which provide huge amount of clean energy products to metropolises such as Beijing, Tianjin and Shanghai. Deputy Minister of Science and Technology Li Xueyong said recently that the programs carried out in the past two decades helped oil experts make a series of breakthroughs in natural gas exploration and gas field construction.
The particular program on oil and natural gas excavation and production focused on basic theories, appraisal technologies, probing technologies and strategic analysis, Li said. In the latest five years, experts drilled out several super gas fields in Erdos Basin of the Inner Mongolia Autonomous Region.
The newest find of a giant pit in Sulige crystallized the academic and technological achievements made by Chinese oil experts, he said. Close analysis of stratum and up-to-date drilling technologies helped them excavate the Sulige gas field, whose reserve is estimated as at least 602.5 bn cm.
Most of the commercialised gas would be channelled to north China, coastal east China, central China as well as Shaanxi, Gansu and Ningxia, according to officials from the managing company of the gas field, China Petro.
Li said that the systematic research and development organized by the state made China a main gas producer in the world.
By the end of 1970s, China had proven a total amount of natural gas reserve of 261.7 bn cm. In 1991-1995, the newly found reserve reached 700 bn cm. The figure has become 3 tcm to date, with an annual output of 30 bn cm. Li said China will further strengthen the research of oil and gas exploration and development technologies in a bid to provide strong support to the country`s strategy on energy resources security.
Source: Xinhua
Monday June 17, 12:28 PM
MARKET TALK/HK: CCNG Dn 14.7% In Heavy Selloff
After rising to 16 HK cents in early trading, China City Natural Gas (0603) has suffered heavy beating in very volatile trading, with stock hitting low of 11.7 HK cents at one point, after closing Friday at 15.6 HK cents. Heavy selloff started just before noon, as some investors appeared to dump holdings regardless of price; trader thinks some of this could be due to forced selling owing to missed margin calls, but now that stock has calmed down somewhat, substantial buy orders have appeared on trading system. After market closed Friday, CCNG said Chairman bought about 105 million shares during stock`s 24.3% plunge Friday. Stock now down 18.6% at 12.7 HK cents. (IVW)
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Monday June 17, 4:35 PM
Hai Xia to invest in three China gas JVs
HONG KONG, June 17 (Reuters) - Hai Xia Holdings Ltd said on Monday it will invest in three natural gas distribution projects worth more than 330 million yuan (US$39.9 million) in China`s Hubei province.
The deals follow the company`s announcement last month that it will change its name to China Gas Holdings Ltd to reflect its expansion into the natural gas industry in China.
Hai Xia will invest in joint ventures to build gas pipeline networks and provide gas to Suizhou, Yichang and Shiyan cities in China`s northern province of Hubei through its 49 percent-owned associate company, China Gas Development Group Ltd.
Shares of Hai Xia ended down 4.32 percent to close at HK$1.33 on Monday. The stock is up nearly 200 percent in the past three months.
Trading in the stock was suspended on Friday pending a statement on the joint ventures.
Hai Xia, which has diversified from being a ladies fashion retailer to e-business and then natural gas distribution, is 49.4 percent held by Heng Fung Holdings Ltd .
China Gas Development will take an 85 percent stake in the Suizhou joint venture, which will have the exclusive right to operate natural gas projects in Suizhou city for 30 years. The total investment in the venture is estimated at about 150 million yuan.
The total investment in the Yichang joint venture, which will also have exclusive operation rights in Yichang for 28 years, will be 180 million yuan. China Gas Development will have a 90 percent stake in that venture.
China Gas Development is expected to have not less than 50 percent of the Shiyan joint venture but total investment in that venture has not been finalised.
The three ventures are expected to have total annual capacity of more than 270 million cubic metres of gas by 2008.
China Gas Development Group Ltd, is 49 percent held by the company and 51 percent held by Hai Xia Finance.
(US$1 = 8.27 yuan)
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Thursday June 20, 10:09 AM
China Xinao Gas Wins Anhui, Zhejiang Local Gas Monopolies
HONG KONG (Dow Jones)--Xinao Gas Holdings Ltd. (Q.XGH) said Thursday it won local, 30-year natural gas distribution monopolies in Anji County in Zhejiang Province and Chuzhou City in Anhui Province.
The Hebei-based company will distribute gas through new 90%-owned units, it said in a statement. Xinao Gas formed the US$7.1 million Chuzhou Xinao Gas Co. with Chuzhou City Infrastructure Construction Co. for the Chuzhou City project. It formed the US$1.5 million Anji Xinao Gas Co. with Anji Fengling LNG Co. for the Anji County project.
Anji County has a population of about 450,000 while Chuzhou City has an urban population of 280,000.
The two contracts bring the number of Xinao Gas projects to 21, with a population coverage of more than 5 million people.
Company Chairman Wang Yusuo said Xinao Gas`s biggest project to date, delivering liquefied natural gas to Bengbu City in northern Anhui Province, came onstream last month.
Xinao Gas shares fell 16.1% Wednesday to HK$2.60 on turnover of 6.06 million shares, their biggest trading volume since April.
-By John Ryan, Dow Jones Newswires; 852-2802-7002; john.ryan@dowjones.com
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chinaoilweb
(2002.6.22)
China Develops New Gas Field in Beibu Gulf
China is developing a new gas field in the Yinggehai waters of the Beibu Gulf, South China Sea.
Dongfang 1-1 gas field, 113 km from Dongfang City on the west coast of Hainan Island, is to be independently developed by China Offshore Oil Corporation.
According to corporate sources, gas reserves in the region are estimated at 96.68 billion cubic meters. On completion, the field will produce 2.4 billion cubic meters a year.
The field will be developed in two stages. During the first phase, two platforms, D and E, will be erected and 12 wells sunk, said corporate sources.
In the second stage, workers will install two more platforms, A and B, and sink another ten wells. Two seabed pipelines, one seabed cable, as well as one land terminal will also be built.
Total investment for the project is estimated at 3.27 billion yuan (394 million U.S. dollars), said the corporate sources. Gas from the project will be channeled to supply a local chemical fertilizer project in Hainan Province, a power plant in Yangpu in Hainan and Haikou City, the provincial capital, for enery production and domestic use.
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chinaoilweb
(2002.6.22)
China Kicks Off Huge Offshore Oil, Gas Project
China announced on Wednesday to invest 820 million yuan (98.8 million U.S. dollars) in a drive to promote high technologies for developing Bohai Sea oilfields.
The Ministry of Science and Technology, China National Petrochemical Corporation and China National Offshore Oil Corporation here Wednesday signed an agreement on the project, which is on the list of the state`s high technology improvement program initiated in March 1986.
According to the plan, by the end of 2005, a total of 500 million tons of oil reserves should be found, annual oil production from oilfields under the sea will reach 21 million tonsof crude oil and the recovery rate is expected to increase by one to five percent.
Vice Minister of Science and Technology Li Xueyong said that the country attached great importance to developing energy resources.
He Shenghou, leading scientist with the research group, said that his fellow researchers would focus on precise exploration technology, advanced drilling technology, recovery improvement technology and engineering security technology.
The researchers are expected to develop a series of new techniques and equipment, 60 to 80 patents and software copyrights,and two to three high-tech bases for offshore oilfields, he said.
According to the experts, the Bohai Sea has total reserves of 9.7 billion tons of oil and gas. The annual oil production in 2001 in the region reached only 5.6 million tons. Enditem
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chinaoilweb
(2002.6.24)
West-east pipline in sight
After repeated postponements, the joint venture between PetroChina and Royal/Dutch Shell to build a US$5.6 billion west-east gas pipeline is likely to become a reality by the end of this month, a senior industry official said.
"Principal terms (of the joint venture) have been settled," said the official. "Only technical problems remain to be discussed."
The joint venture aims to build a 3,900-kilometre pipeline to transport natural gas from Northwest China`s Xinjiang Uygur Autonomous Region to Shanghai on the coast. Construction had been slated to start last October, but was put off due to prolonged negotiations between PetroChina and a consortium of foreign companies led by Shell.
The official declined to comment on a report from the Dow Jones Newswire that the two parties will sign the joint-venture contract on July 1, a red-letter day marking the 81st anniversary of the founding of the Chinese Communist Party.
The report also quotes an unidentified PetroChina official as saying that construction will start on July 3.
"The talks are drawing toward an end," said the official. "But we will not give a definite date."
He said the talks were difficult, partly because foreign partners in the consortium had to take time to negotiate interest sharing amongst themselves.
Last December, PetroChina preliminarily agreed to allow the Shell-led consortium to own a 45 per cent stake in the project, including gas field development, pipeline construction, and gas marketing.
The consortium originally comprised Shell, the world`s largest gas producer Russia`s Gazprom, Stroytransgaz and Hong Kong & China Gas.
The official confirmed that ExxonMobil, together with Hong Kong`s CLP Holdings, is set to take a share in Shell`s 45 per cent stake. But he ruled out the possibility of more foreign companies participating in the project, the People`s Republic of China`s second largest since its founding in 1949. The Three Gorges Dam project is the largest.
"Six companies are all that will join in," the official said.
Earlier reports said Malaysia`s state-owned oil company Petronas wants to take part, even after BP, its former partner in a bid for a stake in the project, withdrew.
Without signing the agreement for the joint venture, PetroChina has started trial construction at a few pipeline locations in an attempt to meet the production target of early 2004.
The pipeline will be able to transport 12 billion cubic metres of gas annually for 20 years, and is seen as the flagship project to anchor China`s drive to develop its resource-rich, but economically backward western regions.
The project is also the backbone of the government`s policy to encourage gas consumption to alleviate the country`s heavy reliance on oil imports and to protect the environment in affluent coastal areas.
The government`s goal is to raise natural gas consumption to 10 per cent of the energy mix from the current 2.1 per cent over the next 10 years.
MARKET TALK/HK: CCNG Dn 14.7% In Heavy Selloff
After rising to 16 HK cents in early trading, China City Natural Gas (0603) has suffered heavy beating in very volatile trading, with stock hitting low of 11.7 HK cents at one point, after closing Friday at 15.6 HK cents. Heavy selloff started just before noon, as some investors appeared to dump holdings regardless of price; trader thinks some of this could be due to forced selling owing to missed margin calls, but now that stock has calmed down somewhat, substantial buy orders have appeared on trading system. After market closed Friday, CCNG said Chairman bought about 105 million shares during stock`s 24.3% plunge Friday. Stock now down 18.6% at 12.7 HK cents. (IVW)
---------------------------------------------------------------------------------
Monday June 17, 4:35 PM
Hai Xia to invest in three China gas JVs
HONG KONG, June 17 (Reuters) - Hai Xia Holdings Ltd said on Monday it will invest in three natural gas distribution projects worth more than 330 million yuan (US$39.9 million) in China`s Hubei province.
The deals follow the company`s announcement last month that it will change its name to China Gas Holdings Ltd to reflect its expansion into the natural gas industry in China.
Hai Xia will invest in joint ventures to build gas pipeline networks and provide gas to Suizhou, Yichang and Shiyan cities in China`s northern province of Hubei through its 49 percent-owned associate company, China Gas Development Group Ltd.
Shares of Hai Xia ended down 4.32 percent to close at HK$1.33 on Monday. The stock is up nearly 200 percent in the past three months.
Trading in the stock was suspended on Friday pending a statement on the joint ventures.
Hai Xia, which has diversified from being a ladies fashion retailer to e-business and then natural gas distribution, is 49.4 percent held by Heng Fung Holdings Ltd .
China Gas Development will take an 85 percent stake in the Suizhou joint venture, which will have the exclusive right to operate natural gas projects in Suizhou city for 30 years. The total investment in the venture is estimated at about 150 million yuan.
The total investment in the Yichang joint venture, which will also have exclusive operation rights in Yichang for 28 years, will be 180 million yuan. China Gas Development will have a 90 percent stake in that venture.
China Gas Development is expected to have not less than 50 percent of the Shiyan joint venture but total investment in that venture has not been finalised.
The three ventures are expected to have total annual capacity of more than 270 million cubic metres of gas by 2008.
China Gas Development Group Ltd, is 49 percent held by the company and 51 percent held by Hai Xia Finance.
(US$1 = 8.27 yuan)
---------------------------------------------------------------------------------
Thursday June 20, 10:09 AM
China Xinao Gas Wins Anhui, Zhejiang Local Gas Monopolies
HONG KONG (Dow Jones)--Xinao Gas Holdings Ltd. (Q.XGH) said Thursday it won local, 30-year natural gas distribution monopolies in Anji County in Zhejiang Province and Chuzhou City in Anhui Province.
The Hebei-based company will distribute gas through new 90%-owned units, it said in a statement. Xinao Gas formed the US$7.1 million Chuzhou Xinao Gas Co. with Chuzhou City Infrastructure Construction Co. for the Chuzhou City project. It formed the US$1.5 million Anji Xinao Gas Co. with Anji Fengling LNG Co. for the Anji County project.
Anji County has a population of about 450,000 while Chuzhou City has an urban population of 280,000.
The two contracts bring the number of Xinao Gas projects to 21, with a population coverage of more than 5 million people.
Company Chairman Wang Yusuo said Xinao Gas`s biggest project to date, delivering liquefied natural gas to Bengbu City in northern Anhui Province, came onstream last month.
Xinao Gas shares fell 16.1% Wednesday to HK$2.60 on turnover of 6.06 million shares, their biggest trading volume since April.
-By John Ryan, Dow Jones Newswires; 852-2802-7002; john.ryan@dowjones.com
-----------------------------------------------------------------------------------
chinaoilweb
(2002.6.22)
China Develops New Gas Field in Beibu Gulf
China is developing a new gas field in the Yinggehai waters of the Beibu Gulf, South China Sea.
Dongfang 1-1 gas field, 113 km from Dongfang City on the west coast of Hainan Island, is to be independently developed by China Offshore Oil Corporation.
According to corporate sources, gas reserves in the region are estimated at 96.68 billion cubic meters. On completion, the field will produce 2.4 billion cubic meters a year.
The field will be developed in two stages. During the first phase, two platforms, D and E, will be erected and 12 wells sunk, said corporate sources.
In the second stage, workers will install two more platforms, A and B, and sink another ten wells. Two seabed pipelines, one seabed cable, as well as one land terminal will also be built.
Total investment for the project is estimated at 3.27 billion yuan (394 million U.S. dollars), said the corporate sources. Gas from the project will be channeled to supply a local chemical fertilizer project in Hainan Province, a power plant in Yangpu in Hainan and Haikou City, the provincial capital, for enery production and domestic use.
----------------------------------------------------------------------------------
chinaoilweb
(2002.6.22)
China Kicks Off Huge Offshore Oil, Gas Project
China announced on Wednesday to invest 820 million yuan (98.8 million U.S. dollars) in a drive to promote high technologies for developing Bohai Sea oilfields.
The Ministry of Science and Technology, China National Petrochemical Corporation and China National Offshore Oil Corporation here Wednesday signed an agreement on the project, which is on the list of the state`s high technology improvement program initiated in March 1986.
According to the plan, by the end of 2005, a total of 500 million tons of oil reserves should be found, annual oil production from oilfields under the sea will reach 21 million tonsof crude oil and the recovery rate is expected to increase by one to five percent.
Vice Minister of Science and Technology Li Xueyong said that the country attached great importance to developing energy resources.
He Shenghou, leading scientist with the research group, said that his fellow researchers would focus on precise exploration technology, advanced drilling technology, recovery improvement technology and engineering security technology.
The researchers are expected to develop a series of new techniques and equipment, 60 to 80 patents and software copyrights,and two to three high-tech bases for offshore oilfields, he said.
According to the experts, the Bohai Sea has total reserves of 9.7 billion tons of oil and gas. The annual oil production in 2001 in the region reached only 5.6 million tons. Enditem
-----------------------------------------------------------------------------------
chinaoilweb
(2002.6.24)
West-east pipline in sight
After repeated postponements, the joint venture between PetroChina and Royal/Dutch Shell to build a US$5.6 billion west-east gas pipeline is likely to become a reality by the end of this month, a senior industry official said.
"Principal terms (of the joint venture) have been settled," said the official. "Only technical problems remain to be discussed."
The joint venture aims to build a 3,900-kilometre pipeline to transport natural gas from Northwest China`s Xinjiang Uygur Autonomous Region to Shanghai on the coast. Construction had been slated to start last October, but was put off due to prolonged negotiations between PetroChina and a consortium of foreign companies led by Shell.
The official declined to comment on a report from the Dow Jones Newswire that the two parties will sign the joint-venture contract on July 1, a red-letter day marking the 81st anniversary of the founding of the Chinese Communist Party.
The report also quotes an unidentified PetroChina official as saying that construction will start on July 3.
"The talks are drawing toward an end," said the official. "But we will not give a definite date."
He said the talks were difficult, partly because foreign partners in the consortium had to take time to negotiate interest sharing amongst themselves.
Last December, PetroChina preliminarily agreed to allow the Shell-led consortium to own a 45 per cent stake in the project, including gas field development, pipeline construction, and gas marketing.
The consortium originally comprised Shell, the world`s largest gas producer Russia`s Gazprom, Stroytransgaz and Hong Kong & China Gas.
The official confirmed that ExxonMobil, together with Hong Kong`s CLP Holdings, is set to take a share in Shell`s 45 per cent stake. But he ruled out the possibility of more foreign companies participating in the project, the People`s Republic of China`s second largest since its founding in 1949. The Three Gorges Dam project is the largest.
"Six companies are all that will join in," the official said.
Earlier reports said Malaysia`s state-owned oil company Petronas wants to take part, even after BP, its former partner in a bid for a stake in the project, withdrew.
Without signing the agreement for the joint venture, PetroChina has started trial construction at a few pipeline locations in an attempt to meet the production target of early 2004.
The pipeline will be able to transport 12 billion cubic metres of gas annually for 20 years, and is seen as the flagship project to anchor China`s drive to develop its resource-rich, but economically backward western regions.
The project is also the backbone of the government`s policy to encourage gas consumption to alleviate the country`s heavy reliance on oil imports and to protect the environment in affluent coastal areas.
The government`s goal is to raise natural gas consumption to 10 per cent of the energy mix from the current 2.1 per cent over the next 10 years.
Wednesday June 26,
China Energy Watch: City Gas -
Why So Few Foreigners?
By Xu Yihe
A Dow Jones Newswires Column
SINGAPORE (Dow Jones)--China is keen to develop its natural gas sector and switch urban energy consumers away from polluting coal, and wants to attract foreign investors to help finance multi-billion-dollar gas schemes.
But big foreign groups are holding back, concerned about laws limiting them to minority stakes, outdated working practices, overstaffing and subsidies, even though some Hong Kong-based companies are taking the plunge.
While the majors are ready to get involved in big pipeline projects, the government needs to overcome their concerns about the costs and planning difficulties involved in massive urban infrastructure projects, combined with uncertainties over future demand for town gas.
Although China lifted a ban on overseas capital investments in town gas developments in March, and has drawn up a multi-billion-dollar plan to revamp existing town gas facilities, there is no sign that foreign capital will pour into the sector anytime soon.
True, town gas projects, including laying city gas distribution grids, offer plenty of opportunities for construction groups, equipment manufacturers and utilities. But most investors will need to be ready for a long haul before they will start seeing good returns on their capital.
Even with government financial support, China`s town gas companies have lost money over the past six years, with losses in 2000 alone totaling 674,93 million yuan (US$1=CNY8.28).
"It could be a profitable business, but it isn`t under current operation," said an official with the China City Gas Association.
Changing The Laws
A first step in attracting external funding was the government decision in March partially dismantling a law restricting investment in downstream energy retail operations.
Under new investment rules issued then by the State Development Planning Commission, building city gas pipeline grids are among 75 sectors in which the government is allowing limited foreign investment.
Now the government hopes to open the gates further by allowing foreign investment in urban gas projects as part of larger natural gas schemes in China, the official said.
However, despite the changes Chinese companies must have a controlling stake in any city gas pipeline construction projects in middle and larger-sized cities.
CNY128 Billion For Gas Infrastructure Revamping
The government will formally release a major natural gas development plan, based on forecasts that China`s gas consumption will reach 65 billion cubic meters a year by 2005 and 112 billion by 2010, from about 30 billion now. Many of the details of that plan have already been made public.
To cater to this development, China will likely invest about CNY128 billion by 2005 to revamp and build gas distribution pipelines in 270 cities.
The aim is to raise natural gas, liquefied petroleum gas, liquefied natural gas and coal gas use to 20.2 billion cubic meters a year by 2005 from 8 billion currently and further to 41.4 billion by 2010.
Gas for these city grids will mostly come from seven new gas pipelines cross-crossing China which are already under construction or that will be started upon soon.
These pipelines, which together will cover 10,000 kilometers, will link major gas producing areas in China`s northwest and Russia to cities across China.
The longest of these is the 3,900-kilometer Xinjiang-Shanghai pipe that will carry natural gas from Xinjiang to eastern Chinese cities.
Nevertheless, some major companies are getting involved in urban gas work. For example, BP PLC (BP) has linked up with PetroChina Co. (PTR) to jointly develop town gas pipelines in Eastern China, as part of its strategic alliance made during PetroChina`s initial public offerings in 2000.
Hong Kong Investments
One company that has shown no hesitation about the sector is Hong Kong & China Gas Co. (H.HKC), which has said it will finalize about 20 town gas projects in the mainland in the next two years.
Managing director Alfred Chan Wing-kin has said he aims to generate at least 20% of his company`s revenues from the mainland by 2008.
In May, the company signed agreements with four eastern cities - Taizhou, Wuxi, Changzhou and Nantong in Jiangsu, valued at a total of CNY1.2 billion.
In the agreement with Taizhou City Gas Company, Hong Kong & China Gas will invest CNY200 million for a stake in the Taizhou firm`s existing gas plant and 80 kilometers of new pipelines. Besides the right to manage the operation, the company gained the exclusive right to supply natural gas to Taizhou for 50 years.
The deals followed letters of intent signed by Hong Kong & China Gas to supply natural gas in Nanjing and its satellite town of Pukou in Jiangsu.
Last year, Hong Kong & China Gas signed two similar deals with Suzhou and Yixing, two other cities in Jiangsu.
The China Gas Association official said Hong Kong China Gas is particularly interested in the town gas projects in Jiangsu because the major cities there will be the first among others to be connected with gas supplies to be transmitted through PetroChina`s Xinjiang-Shanghai pipeline.
Hong Kong & China Gas will also take a stake in CNY1.2 billion town gas development projects in Wuhan city, the capital of Hubei province.
Other players in China`s town gas projects include Xinao Gas Holdings (Q.XGH), Wah Sang Gas Holdings (H.WSG)
and China City Natural Gas Holdings (H.HKT).
Xinao has established a CNY60 million joint venture to distribute natural gas in Jiangsu`s Huaian city.
Huaian Xinao Gas Co. is 80%-owned by Xinao`s wholly owned unit Xinao Jiangsu Investment Co. and 20%-owned by Huaian City Gas Co.
-By Xu Yihe, Dow Jones Newswires; 65-415-4068; yi-he.xu@dowjones.com
China Energy Watch: City Gas -
Why So Few Foreigners?
By Xu Yihe
A Dow Jones Newswires Column
SINGAPORE (Dow Jones)--China is keen to develop its natural gas sector and switch urban energy consumers away from polluting coal, and wants to attract foreign investors to help finance multi-billion-dollar gas schemes.
But big foreign groups are holding back, concerned about laws limiting them to minority stakes, outdated working practices, overstaffing and subsidies, even though some Hong Kong-based companies are taking the plunge.
While the majors are ready to get involved in big pipeline projects, the government needs to overcome their concerns about the costs and planning difficulties involved in massive urban infrastructure projects, combined with uncertainties over future demand for town gas.
Although China lifted a ban on overseas capital investments in town gas developments in March, and has drawn up a multi-billion-dollar plan to revamp existing town gas facilities, there is no sign that foreign capital will pour into the sector anytime soon.
True, town gas projects, including laying city gas distribution grids, offer plenty of opportunities for construction groups, equipment manufacturers and utilities. But most investors will need to be ready for a long haul before they will start seeing good returns on their capital.
Even with government financial support, China`s town gas companies have lost money over the past six years, with losses in 2000 alone totaling 674,93 million yuan (US$1=CNY8.28).
"It could be a profitable business, but it isn`t under current operation," said an official with the China City Gas Association.
Changing The Laws
A first step in attracting external funding was the government decision in March partially dismantling a law restricting investment in downstream energy retail operations.
Under new investment rules issued then by the State Development Planning Commission, building city gas pipeline grids are among 75 sectors in which the government is allowing limited foreign investment.
Now the government hopes to open the gates further by allowing foreign investment in urban gas projects as part of larger natural gas schemes in China, the official said.
However, despite the changes Chinese companies must have a controlling stake in any city gas pipeline construction projects in middle and larger-sized cities.
CNY128 Billion For Gas Infrastructure Revamping
The government will formally release a major natural gas development plan, based on forecasts that China`s gas consumption will reach 65 billion cubic meters a year by 2005 and 112 billion by 2010, from about 30 billion now. Many of the details of that plan have already been made public.
To cater to this development, China will likely invest about CNY128 billion by 2005 to revamp and build gas distribution pipelines in 270 cities.
The aim is to raise natural gas, liquefied petroleum gas, liquefied natural gas and coal gas use to 20.2 billion cubic meters a year by 2005 from 8 billion currently and further to 41.4 billion by 2010.
Gas for these city grids will mostly come from seven new gas pipelines cross-crossing China which are already under construction or that will be started upon soon.
These pipelines, which together will cover 10,000 kilometers, will link major gas producing areas in China`s northwest and Russia to cities across China.
The longest of these is the 3,900-kilometer Xinjiang-Shanghai pipe that will carry natural gas from Xinjiang to eastern Chinese cities.
Nevertheless, some major companies are getting involved in urban gas work. For example, BP PLC (BP) has linked up with PetroChina Co. (PTR) to jointly develop town gas pipelines in Eastern China, as part of its strategic alliance made during PetroChina`s initial public offerings in 2000.
Hong Kong Investments
One company that has shown no hesitation about the sector is Hong Kong & China Gas Co. (H.HKC), which has said it will finalize about 20 town gas projects in the mainland in the next two years.
Managing director Alfred Chan Wing-kin has said he aims to generate at least 20% of his company`s revenues from the mainland by 2008.
In May, the company signed agreements with four eastern cities - Taizhou, Wuxi, Changzhou and Nantong in Jiangsu, valued at a total of CNY1.2 billion.
In the agreement with Taizhou City Gas Company, Hong Kong & China Gas will invest CNY200 million for a stake in the Taizhou firm`s existing gas plant and 80 kilometers of new pipelines. Besides the right to manage the operation, the company gained the exclusive right to supply natural gas to Taizhou for 50 years.
The deals followed letters of intent signed by Hong Kong & China Gas to supply natural gas in Nanjing and its satellite town of Pukou in Jiangsu.
Last year, Hong Kong & China Gas signed two similar deals with Suzhou and Yixing, two other cities in Jiangsu.
The China Gas Association official said Hong Kong China Gas is particularly interested in the town gas projects in Jiangsu because the major cities there will be the first among others to be connected with gas supplies to be transmitted through PetroChina`s Xinjiang-Shanghai pipeline.
Hong Kong & China Gas will also take a stake in CNY1.2 billion town gas development projects in Wuhan city, the capital of Hubei province.
Other players in China`s town gas projects include Xinao Gas Holdings (Q.XGH), Wah Sang Gas Holdings (H.WSG)
and China City Natural Gas Holdings (H.HKT).
Xinao has established a CNY60 million joint venture to distribute natural gas in Jiangsu`s Huaian city.
Huaian Xinao Gas Co. is 80%-owned by Xinao`s wholly owned unit Xinao Jiangsu Investment Co. and 20%-owned by Huaian City Gas Co.
-By Xu Yihe, Dow Jones Newswires; 65-415-4068; yi-he.xu@dowjones.com
Trading Spotlight
Hong Kong (Platts)--4Jul2002
China`s state-controlled oil giant PetroChina Thursday inked a joint venture framework agreement with its seven Chinese and foreign partners on the development of a $8.5-bil west-east natural gas pipeline line integrated project. In a media briefing in Hong Kong, PetroChina`s executive director and vice-president Wang Fucheng announced the signing of the long-awaited agreement in Beijing, with PetroChina taking up 50% working interest in the project and Chinese state-controlled oil group Sinopec Corp holding 5%, he said. Foreign investors in the project include Shell International Gas and Hong Kong towngas producer Hong Kong China Gas (with a combined 15%); Russia`s OAO Gazprom and OAO Stroytransgaz (15%); ExxonMobil China and Hong Kong utility China Light and Power Enterprises (15%).
Cooperation under the agreement will span 45 years, Wang said. The $8.5-bil investment will be split into two parts: $3.3-bil for the development of gas resources in western China to feed the pipeline, and $5.2-bil for the construction of a 4,000-km (2,486-mile) gas pipeline, he noted. The pipeline development will have two sections: a 1,516 km east section linking Jingbian gas field to Shanghai, and a 2,484 km west section connecting gas fields in the western Tarim basin to Jingbian. The project`s target consumer markets are Shanghai municipality, Anhui, Jiangsu, Zhejiang and Henan provinces. First phase of the pipeline will have a designed capacity of 12-bil cu m of gas a year. The capacity can be raised to 18-bil cu m/year by adding compressor stations along the pipeline.
PetroChina has estimated the pipeline`s east section to start suppling gas by end-2003 or early 2004, and the west section in the first half of 2005. Gas from the Ordos basin will be fed to the east section in its first 15 months of operation, Wang said. Meanwhile, the joint venture partners will jointly develop the Kuche-Tabei areas in the Tarim in northwestern Xinjiang Ugyur Autonomous Region and explore the basin`s Dina structures. The Kuche-Tabei areas hold 304-bil cu m of proven recoverable gas reserves, which are sufficient to feed the pipeline for more than 20 years. The Dina-1 and Dina-2 structures are estimated to hold more than 100-bil cu m of recoverable reserves in total, he added. In addition to these key supplying areas, the JV partners will also develop other blocks with high potential.
Returns on investment of the project`s upstream development are projected at more than 15%, while those for pipeline development would be about 12%, Wang said. The pipeline construction will be funded 35:65 by equity financing and debt financing. The equity will be split in proportion among the JV partners. The project`s financial advisor Deutsche Bank expects it would take some months before any syndicated loan deal is concluded as it can only start approaching the markets after the JV framework agreement has been signed, said Philip Crotty, the bank`s MD head of global corporate finance, Asia. PetroChina`s Wang said the company had already budgeted its share of $2.7-bil equity investment in the project, but won`t rule out raising funds in China`s stock markets through a public share offering.
For feedback on site content, please e-mail to webeditor@platts.com.
China`s state-controlled oil giant PetroChina Thursday inked a joint venture framework agreement with its seven Chinese and foreign partners on the development of a $8.5-bil west-east natural gas pipeline line integrated project. In a media briefing in Hong Kong, PetroChina`s executive director and vice-president Wang Fucheng announced the signing of the long-awaited agreement in Beijing, with PetroChina taking up 50% working interest in the project and Chinese state-controlled oil group Sinopec Corp holding 5%, he said. Foreign investors in the project include Shell International Gas and Hong Kong towngas producer Hong Kong China Gas (with a combined 15%); Russia`s OAO Gazprom and OAO Stroytransgaz (15%); ExxonMobil China and Hong Kong utility China Light and Power Enterprises (15%).
Cooperation under the agreement will span 45 years, Wang said. The $8.5-bil investment will be split into two parts: $3.3-bil for the development of gas resources in western China to feed the pipeline, and $5.2-bil for the construction of a 4,000-km (2,486-mile) gas pipeline, he noted. The pipeline development will have two sections: a 1,516 km east section linking Jingbian gas field to Shanghai, and a 2,484 km west section connecting gas fields in the western Tarim basin to Jingbian. The project`s target consumer markets are Shanghai municipality, Anhui, Jiangsu, Zhejiang and Henan provinces. First phase of the pipeline will have a designed capacity of 12-bil cu m of gas a year. The capacity can be raised to 18-bil cu m/year by adding compressor stations along the pipeline.
PetroChina has estimated the pipeline`s east section to start suppling gas by end-2003 or early 2004, and the west section in the first half of 2005. Gas from the Ordos basin will be fed to the east section in its first 15 months of operation, Wang said. Meanwhile, the joint venture partners will jointly develop the Kuche-Tabei areas in the Tarim in northwestern Xinjiang Ugyur Autonomous Region and explore the basin`s Dina structures. The Kuche-Tabei areas hold 304-bil cu m of proven recoverable gas reserves, which are sufficient to feed the pipeline for more than 20 years. The Dina-1 and Dina-2 structures are estimated to hold more than 100-bil cu m of recoverable reserves in total, he added. In addition to these key supplying areas, the JV partners will also develop other blocks with high potential.
Returns on investment of the project`s upstream development are projected at more than 15%, while those for pipeline development would be about 12%, Wang said. The pipeline construction will be funded 35:65 by equity financing and debt financing. The equity will be split in proportion among the JV partners. The project`s financial advisor Deutsche Bank expects it would take some months before any syndicated loan deal is concluded as it can only start approaching the markets after the JV framework agreement has been signed, said Philip Crotty, the bank`s MD head of global corporate finance, Asia. PetroChina`s Wang said the company had already budgeted its share of $2.7-bil equity investment in the project, but won`t rule out raising funds in China`s stock markets through a public share offering.
For feedback on site content, please e-mail to webeditor@platts.com.
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