PetroChina to unify gas assets
By Pan Xiaoyi |
June 25, 2010, Friday
|
Print Edition
Print Edition
PETROCHINA will consolidate its natural gas business to develop the sector more strongly, Chairman Jiang Jiemin said.
Asia's biggest oil company may consolidate the natural gas assets of three subsidiaries - Kunlun Energy, Kunlun Gas and Kunlun Natural Gas, Jiang said.
Hong Kong-listed Kunlun Energy builds pipelines and sells natural gas. Kunlun Gas is the firm's platform for city natural gas business while Kunlun Natural Gas mainly deals in compressed natural gas and liquefied natural gas.
"Kunlun Gas and Kunlun Natural Gas may be injected into the listed Kunlun Energy in the future or the three companies may be merged," Jiang said. "But no timetable or blueprint is available yet."
Jiang expected natural gas to account for half of the company's total production in the next decade.
As China's top natural gas producer, PetroChina will also deepen its footprint in coal seam gas, a trapped store of natural gas well below the Earth's surface, and a new and under-utilized energy source.
"The company aims to boost the coal seam gas production to 4 billion square meters per year," Jiang said, adding that the firm will continue to explore shale gas.
PetroChina has explored coal seam mines in Shaanxi Province and the Xinjiang Uygur Autonomous Region with combined proven reserves of 153 billion square meters in 2009.
Asia's biggest oil company may consolidate the natural gas assets of three subsidiaries - Kunlun Energy, Kunlun Gas and Kunlun Natural Gas, Jiang said.
Hong Kong-listed Kunlun Energy builds pipelines and sells natural gas. Kunlun Gas is the firm's platform for city natural gas business while Kunlun Natural Gas mainly deals in compressed natural gas and liquefied natural gas.
"Kunlun Gas and Kunlun Natural Gas may be injected into the listed Kunlun Energy in the future or the three companies may be merged," Jiang said. "But no timetable or blueprint is available yet."
Jiang expected natural gas to account for half of the company's total production in the next decade.
As China's top natural gas producer, PetroChina will also deepen its footprint in coal seam gas, a trapped store of natural gas well below the Earth's surface, and a new and under-utilized energy source.
"The company aims to boost the coal seam gas production to 4 billion square meters per year," Jiang said, adding that the firm will continue to explore shale gas.
PetroChina has explored coal seam mines in Shaanxi Province and the Xinjiang Uygur Autonomous Region with combined proven reserves of 153 billion square meters in 2009.
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