China's CNPC signs exploration agreement with Sudan (02/07/07)

China's top state-run energy group, China National Petroleum Corp. (CNPC), has signed an agreement with the Sudanese government to prospect for oil and gas in Sudan's northern territory, a local newspaper said on Monday.
 
 

Under the agreement, CNPC will have exploration rights to 13 oil blocks located in the northern coast of the Red Sea. The fields have a total acreage of about 3.8 square kilometres, China Petroleum Daily reported.

The deal includes a production sharing contract, the paper said.

CNPC will partner Indonesia's state oil and gas company Pertamina and Sudan's state-owned Sudapet in the exploration project.

CNPC, a leading energy investor in Sudan and parent of oil and gas firm PetroChina, also holds a 50 percent stake in the Khartoum refinery -- the only oil plant in Africa's largest country.

China now produces roughly 226,000 barrels of oil every day from three oil fields in Sudan, or about 3 percent of China's demand.

Source: Reuters Africa

 
   
 
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