"The find will add to the energy potential of Daqing, whose oil
reserves are on the decline," said Gong Jinshuang, a senior oil and
gas analyst with the research arm of PetroChina's parent company,
China National Petroleum Corp (CNPC).
Bi Jianguo, spokesman for Hong Kong-listed PetroChina, would not
comment on the find.
The State expert team, set up by the Ministry of Land and
Resources (MLR),
consisted of eight senior oil and gas experts from the country's
three top oil producers: PetroChina, Sinopec and China National
Offshore Oil Corp (CNOOC).
Industry analysts said the finding would boost PetroChina's
shares "to some extent."
But there would not be big fluctuation "because it will take
years to turn new reserves into oil and gas output," said Hou
Jixiong, a senior oil and gas analyst with Guotai Jun'an Securities
Co Ltd.
According to the latest assessment, China has much more reserves
than previously projected, said Che Changbo, deputy-director of the
MLR's Oil and Gas Resources Strategic Research Center.
China is expected to produce 180 million tons of crude oil and
48 billion cubic meters of natural gas this year. "The country will
rely on domestic supplies for most of its energy demand," Che
said.
(China Daily December 15, 2005)
