Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
Sinopec stepping up exploration efforts
Adjust font size:

Sinopec, the country's second largest oil company, is set to launch a research program on marine-facies oil and gas exploration, sources familiar with the situation have told China Daily.


About 10 laboratories will be built at an investment exceeding 1.5 billion yuan (US$200 million), an insider close to the program said.


Marine facies, or geologic fossilized mineral content, are basins from ancient oceans. The resources in China can reach about 37 billion tons oil equivalent - or a third of the country's total reserves - said Kang Yuzhu, a senior researcher with Sinopec Exploration & Production Research Institute.


"Marine facies contribute to the bulk of the oil and gas discoveries from a global perspective. It is not the case in China, however," said Kang, adding that only less than 10 percent of the resources have been discovered.


It was only after Sinopec discovered the Tahe oilfield in the Xinjiang Uygur Autonomous Region, did Chinese oil companies start to realize the potential of marine facies; and Sinopec is at the head of the exploration pack since most of the firm's oil and gas assets belong to marine-facies structure, Kang said.


Jin Zhijun, deputy chief geologist of Sinopec, estimates that half of Sinopec's reserves are located in marine facies.


"We will conduct the research program in close collaboration with academic organizations across the country, such as the Chinese Academy of Sciences and leading universities," Jin said.


The research will study blocks in northeastern and northern China, Xinjiang, and Hunan, Hubei and Sichuan provinces, according to Kang.


(China Daily October 26, 2007)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Xinjiang provides succor to Sinopec
- Sinopec plans bonds issue to finance new projects
- Sinopec to Import 60,000 Tons of Gasoline in Sep
- Consortium Loans to Support Sinopec Joint Venture
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号