BIZCHINA / Top Biz News
Large natural gasfield discovered
(AFP)
Updated: 2006-06-16 16:06
Canada's Husky Energy Inc has discovered a significant deepwater gas
reserve with its Chinese partner, China National Offshore Oil Corp
(CNOOC), in the South China Sea near Hong Kong.
Based on preliminary analysis of drilling results, the discovery could
contain a potential recoverable resource of four to six trillion cubic
feet (120 billion to 180 billion cubic meters) of natural gas, the energy
company said in a statement seen Friday.
"We are very pleased with our exploration results and this discovery
confirms our confidence in the significant undiscovered hydrocarbon
potential in the South China Sea," John Lau, Husky CEO and president said.
"We look forward to evaluating this discovery and continuing our
exploration efforts in China."
State-owned CNOOC has the right to participate in the development of any
discovery for up to 51 percent working interest, Husky said.
The Hong Kong-listed unit of CNOOC, CNOOC Ltd, confirmed the discovery,
with an official saying that if the estimated recoverable reserves were
confirmed, the block could be the "largest gas find in offshore China."
The discovery was made in the mouth of the Pearl River about 250
kilometers south of Hong Kong, it added.
The well will be sidetracked for further evaluation of the pay zone,
Husky said, adding there were plans for a three-dimensional seismic
survey to assess a number of similar structures which have been
identified from other seismic data.
Earlier this month, CNOOC signed two production sharing contracts with
Britain's BG Group PLC covering two deep water blocks in the South China
Sea.
To date, CNOOC has signed four deep water production contracts with
foreign partners.
(For more biz stories, please visit Industry Updates)
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