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Yanchang seals Thai deal to explore gas
By Fu Chenghao |
February 27, 2010, Saturday
|
Print Edition
Print Edition
SHAANXI Yanchang Petroleum (Group) Co, China's fourth-largest oil producer, has signed a deal with the Thai government to explore a gas field near Bangkok.
The deal, hailed by Yanchang, as "a breakthrough in our efforts to explore for oil and gas overseas," would be its second major overseas foray following its investment in Madagascar.
The company was granted the license on Thursday to explore the L31/50 block in the Khorat Basin, where two gas fields are already in production, according to a Yanchang statement yesterday.
Yanchang will have three years to explore the field for its potential and will have priority for production licenses if potential reserves are discovered, according to the Bangkok Post.
Three other companies were also awarded licenses on Thursday by the Thai energy ministry for separate blocks.
Together the four firms are expected to invest a total of US$47 million in exploration, the newspaper said.
The Thai government has been encouraging domestic exploration by offering new licenses to overseas firms to reduce spending on imported oil.
Based in Shaanxi Province, Yanchang acquired 15 percent in Hong Kong-listed Sino Union Energy Investment Corp, which operates oil blocks in Madagascar, Sino Union said last month.
Affiliated to the provincial government, Yanchang is one of only four companies qualified to explore for oil and gas in China.
The deal, hailed by Yanchang, as "a breakthrough in our efforts to explore for oil and gas overseas," would be its second major overseas foray following its investment in Madagascar.
The company was granted the license on Thursday to explore the L31/50 block in the Khorat Basin, where two gas fields are already in production, according to a Yanchang statement yesterday.
Yanchang will have three years to explore the field for its potential and will have priority for production licenses if potential reserves are discovered, according to the Bangkok Post.
Three other companies were also awarded licenses on Thursday by the Thai energy ministry for separate blocks.
Together the four firms are expected to invest a total of US$47 million in exploration, the newspaper said.
The Thai government has been encouraging domestic exploration by offering new licenses to overseas firms to reduce spending on imported oil.
Based in Shaanxi Province, Yanchang acquired 15 percent in Hong Kong-listed Sino Union Energy Investment Corp, which operates oil blocks in Madagascar, Sino Union said last month.
Affiliated to the provincial government, Yanchang is one of only four companies qualified to explore for oil and gas in China.
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