CNPC Seals US$3b Turkmenistan Gas Deal
By Cathy Ding |
December 31, 2009, Thursday
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Print Edition
Print Edition
CHINA National Petroleum Corp, parent of PetroChina, has won a US$3 billion deal to extract natural gas in Turkmenistan, according to state media in the Central Asian country.
Its media reported yesterday that China's largest oil producer, together with companies from South Korea and the United Arab Emirates, won the bid to develop the South Iolotan gas field, the largest deposits in the country, according to Xinhua.
The contract awarded to CNPC will enable it to extract as much as 10 billion cubic meters of natural gas per year. The gas field's annual capacity is 30 billion cubic meters and its reserves total between 4 trillion and 14 trillion cubic meters, British firm Gaffney, Cline & Associates said in 2008.
Gulf Oil and Gaz FZE from the UAE will also extract fuel from the field and build underground infrastructure under a contract valued at US$115 million.
Its media reported yesterday that China's largest oil producer, together with companies from South Korea and the United Arab Emirates, won the bid to develop the South Iolotan gas field, the largest deposits in the country, according to Xinhua.
The contract awarded to CNPC will enable it to extract as much as 10 billion cubic meters of natural gas per year. The gas field's annual capacity is 30 billion cubic meters and its reserves total between 4 trillion and 14 trillion cubic meters, British firm Gaffney, Cline & Associates said in 2008.
Gulf Oil and Gaz FZE from the UAE will also extract fuel from the field and build underground infrastructure under a contract valued at US$115 million.
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