Sinopec to drill its 1st oil well near Nigeria in July
Published: 24 Jun 2009 18:12:44 PSTJun. 25, 2009 (China Knowledge) - China Petrochemical Corp (Sinopec Group), the parent of Sinopec<600028><0386><SNP>, will begin to drill its first oil well in Nigeria-Sao Tome and Principe Joint Development Zone (JDZ) next month, said two officials of the firm, sources reported. The group has had the rights to oil exploration in JDZ since 2006, but development was delayed due to a shortage of deepwater rigs. The drilling will start after the arrival of the SEDCO-702 deepwater rigs, which are produced by TransOcean Inc. The rigs will be delivered to Block 2 of JDZ around 1 Jul. Sinopec Group declined to speculate the oil potential reserves in JDZ, but insiders have said that about 275 million barrels of crude oil will be available. At present, the group is preparing for exploration in Block 2. Addax Petroleum holds a stake of 14.33% in Block 2, 40% in Block 1, 15% in Block 3 and 54.5% in Block 4, sources reported. Copyright © 2009 www.chinaknowledge.com |
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