CNPC signs natural gas development and production contract with Win Business Petroleum Group Co.
Publish time:4/18/2008 3:11:00 AM Source: CNPC
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On April 15, CNPC signed a natural gas development and production contract on Block Dina-1 in the Tarim Basin with Win Business Petroleum Group Co. in Beijing.
This is the second time of cooperation between the two companies. CNPC and Win Business Petroleum have once reached into a natural gas exploration contract on Block Zhaojue in the Sichuan Basin in 2006.
Block Dina-1, covering an area of 74.766 kilometers, has abundant natural gas resource entrapped in high pressure and high temperature reservoirs that is difficult to tap. The adjacent West-East Gas Pipeline facilitates the development of this block.
The contract on Block Dina-1 is a production sharing one, which stipulates that Win Business Petroleum will be the operator at appraisal and development stage as well as certain production stage, and CNPC will take over the operation thereafter. Win Business Petroleum will solely finance the appraisal and development operation, and then share the profit return from produced natural gas with CNPC according to the proportion specified in the contract.