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CNPC gives rare invite
China National Petroleum Corp. signed a rare upstream deal with an overseas company to develop oil in the Jilin province in northeast China. CNPC will partner with Malaysia’s Rimbunan Hijau Group at Fuyu Block 1 in the Songliao Basin. The basin covers 87 square miles and contains heavy oil reserves. CNPC hopes advanced foreign technologies will help overcome the difficulty in developing the heavy oil reserves in the challenging block. CNPC also signed a production sharing contract in August with China Nian Dai Energy Investment, a Hong Kong company, to explore two other oil blocks in the Jilin province.
Indonesia launches tender
In an effort to boost the country’s oil and gas production, the Indonesian government launched a tender for 26 oil and gas blocks. “In order to maintain our oil and gas reserves, we need to intensify exploration,” Energy and Mineral Resources Minister Purnomo Yusgiantoro said.
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Houston, TX - November 4-5
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