Wednesday 2010-06-23 15:01
June 23 -- Total Group plans to establish a joint venture with PetroChina (601857, 0857.HK) for the exploration of the Suligenan gas field in Inner Mongolia, reports 21st Century Business Herald, citing Yves Louis Darricarrere, President of Total Group’s exploration and production department.
PetroChina and Total will hold stakes of 51 percent and 49 percent respectively in the joint venture to explore the Suligenan field which covers an area of 2,390 square meters.
Both parties are currently in negotiations. Approval from the Chinese government will be required.
According to Jean Jacques Mosconi, vice president of Total’s strategic and business consulting department, PetroChina will drill 1,000 development wells.
Total and PetroChina are expected to sign a production sharing contract.
Mosconi said that demand for natural gas will increase from 34 billion cubic feet in 2010 to 54 billion cubic feet in 2020. However, at present, there are only seven billion cubic feet of capacity being built.
Source: http://www.capitalvue.com/home/CE-news/inset/@10063/post/1199744
June 23 -- Total Group plans to establish a joint venture with PetroChina (601857, 0857.HK) for the exploration of the Suligenan gas field in Inner Mongolia, reports 21st Century Business Herald, citing Yves Louis Darricarrere, President of Total Group’s exploration and production department.
PetroChina and Total will hold stakes of 51 percent and 49 percent respectively in the joint venture to explore the Suligenan field which covers an area of 2,390 square meters.
Both parties are currently in negotiations. Approval from the Chinese government will be required.
According to Jean Jacques Mosconi, vice president of Total’s strategic and business consulting department, PetroChina will drill 1,000 development wells.
Total and PetroChina are expected to sign a production sharing contract.
Mosconi said that demand for natural gas will increase from 34 billion cubic feet in 2010 to 54 billion cubic feet in 2020. However, at present, there are only seven billion cubic feet of capacity being built.
Source: http://www.capitalvue.com/home/CE-news/inset/@10063/post/1199744
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