CNPC expands in Tajikistan – Companies and Industries – MorningWhistle – Latest chinese economic, financial, business, political and society news

Posted: January 26, 2013 in Economy and Resources, Environment, Region, Relations, Resources, Tajikistan

China National Petroleum Corporation (CNPC), parent company of PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), has set up a joint venture with French Total SA and Tethys Petroleum Ltd. to develop an oil and gas project in Tajikistan.

Total and China National Oil and Gas Exploration and Development Corp., a unit of CNPC, will each hold a third of the Bokhtar project, Tethys said in a statement Saturday.

PetroChina and Total will spend $30 million each to refund about two-thirds of historical costs and will carry some of its future spending.

“The initial work program is expected to comprise of further seismic data acquisition followed by a deep exploration well,” Tethys said. The completion is subject to final Tajik governmental approval, Bloomberg reported.

The Bokhtar license may hold an estimated 27.5 billion barrels of oil equivalent resources, according to a report from June 30, Tethys said. It first announced plans to bring in partners on Oct. 26.

via CNPC expands in Tajikistan – Companies and Industries – MorningWhistle – Latest chinese economic, financial, business, political and society news.

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