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  • What's new in exploration


    Arthur Berman

    In early May, 2007, PetroChina announced the Nanpu oil discovery in the Bohai basin of northeastern China. The information provided suggests that it may become the third largest oil field in China, and the biggest discovery in that country in 30 years with proved, “certified” reserves of nearly 3 Bboe (405 million metric tonnes). Nanpu is extraordinary not only for its large resource size, but also because Bohai basin is in a mature stage of exploration and production. An investigation of the details of this discovery reveals some of the challenges that international E&P companies face when doing business in China. These companies need to understand the resource size and economics of the deals presented. The Nanpu announcement shows that reserves and economics are conceived and calculated differently in China. I worked on a project in the Bohai basin for most of 2004, and my first reaction . . .

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