| CNPC to invest 40 bln yuan in developing newly found oilfield |
BEIJING, May 17 (Xinhua) -- China National Petroleum Corporation (CNPC) plans to invest 40 billion yuan (5.13 billion U.S. dollars) over the next five years in developing the Jidong Nanpu oilfield discovered in March.
"The oilfield was reported to have a reserve of one billion tons, or seven to 7.3 billion barrels, but its actual reserve is expected to reach 7.5 billion barrels", said CNPC president Jiang Jiemin.
"By 2012, the oilfield will raise CNPC's crude oil output to 200,000 barrels per day," said Jiang.
CNPC had plans to develop the oilfield into China's third largest after Daqing and Shengli, with output of 25 million tons a year.
There were concerns that exploiting the oilfield would cost CNPC so much money that the oil giant's profitability would be affected in the coming years, Thursday's Beijing Times reported.
But 40 billion yuan in five years was not a large sum, compared with the company's annual budgets of 185.7 billion yuan in 2007 and 148.7 billion yuan in 2006, said the report.
"PetroChina Co., Ltd., CNPC's Hong Kong-listed subsidiary, will surely return to the A-share market, but the timing is not yet available," said Jiang. "PetroChina will not do so when the stock market is too hot."
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