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.

India and China may come together for joint development of oil and gas projects in the Third World countries.

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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.