CNPC Founds Big Oilfield in Sudan

CHINA, Oct 23, 2003 (SinoCast) — China National Petroleum Corporation(CNPC) founds a new oilfield in Sudan.

The oil reservoir is 1400 meters deep from the ground. It has proved reserves of 2 billion barrels, and the exploitable reserve is about 600 million barrels.

The prospecting cost in Sudan is far lower than international level. Its average prospecting cost of each barrel’s exploitable reserves is less than USD 0.22, which is about one fifth of that of international enterprises. The oil reservoir will create new record for CNPC with rich reserves, simple structure, and low exploitation cost.

CNPC has helped Sudan establish an oil refinery with 2.5-million annual production capacity, which enables Sudan produce finished oil by itself. With establishment of oil refinery, many petrochemical plants will be established, and Sudan’s petrochemical industry will grow rapidly.