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China National Petroleum Corporation Signs Deal with Italian AGIP, to Develop Tsaidem Gas Project

[China National Petroleum Corporation. www.cnpc.com.cn; May 28, 2000.]

May 28, 2000

CNPC has signed a production sharing contract with Italian oil company AGIP according to a CNPC press release. The contract allows AGIP to be the sole operator of the 7000 sq. kilometre area known as "Sebei" in Qinghai Province. AGIP was expected to complete the exploration work of drilling 4 wells within 4 years. However, should the project become commercial Petro China would retain 51% of the assets. Gas reserves in the area are estimated to be 250 billion cubic meters.

Once the project is approved, in about a month, CNPC will transfer its rights and obligations to subsidiary Petro China. Any eventual gas production is likely to be piped to northwest Gansu via the 950 km. pipeline from Qaidam to Lanzhou.


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