Sinopec to drill deepwater well in South China Sea in 2010
Published: 17 Jun 2009 18:35:35 PSTJun. 18, 2009 (China Knowledge) - China Petrochemical Corp (Sinopec Group), the parent of Sinopec<600028><0386><SNP>, intends to drill its first deepwater well next year in the South China Sea, said two unnamed officials with the company on Tuesday, Dow Jones Newswires reported. The official said the company has started a 3D seismic survey of 1,250 square kilometers (sq km) in the Qiongdongnan basin, and will drill in the areas with the best prospects. Though Sinopec Group has a license to explore more than 8,000 sq km in the basin, including some areas disputed by Vietnam, it will only survey in undisputed areas, said the officials. An earlier 2D seismic survey across the whole 8,000 sq km showed that the area may have up to 800 billion cubic meters of natural gas reserves, which would make it one of China's largest offshore gas fields. The group has denied a media report that it submitted a bid of US$8 billion for Switzerland's Addax Petroleum Corp, according to an earlier report from China Knowledge. Copyright © 2009 www.chinaknowledge.com |
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