Chindia may take up oil, gas blocks abroad
India and China may come together for joint development of oil and gas projects in the Third World countries.business Updated: Oct 16, 2012 22:24 IST
India and China may come together for joint development of oil and gas projects in the Third World countries.
Vice-president, PetroChina, Bo Qiliang, while responding to a question on Tuesday said that the two countries can and do work together on oil and gas exploration overseas.
Qiliang also pointed out that China National Petroleum Corp (CNPC), a subsidiary of PetroChina, was already working with India’s Oil and National Gas Corp in Sudan.
CNPC has a 40% stake in the Greater Nile Petroleum Operating Company, which produces Nile Blend from blocks 2 and 4 in Sudan and block 1 in South Sudan.
ONGC has a 25% stake in the blocks. The other partners are Petronas (30%), and Sudapet (5%).
The US Energy Information Administration has estimated combined production from the three blocks in 2011 at 120,000 barrels of oil per day.