Burlington replaces Anron to cooperate with Petro China
( 2003-11-08 14:11) (Xinhua)
Burlington Resources Inc.,
one of the largest petroleum and gas developer in North America, will launch a
full scale cooperation project with Petro China, the leading state-run oil
producer, in 2004.
John Morgan, vice president of Burlington, said in its fist- phase expansion
plan his company will invest 150 to 200 million US dollars to develop gas
resources in central Sichuan, a gas-rich province in southwest China. He
expected the company's annual capacity in the province will reach 400 million to
500 million cubic meters in next few years.
A substitute for Anron, former US-based energy giant which signed the
cooperation deal with the southwest branch company of Petro China in Aug. 1997,
Burlington Resources took over the deal and became Petro China's new partner in
the summer of 2001 after Anron scandals were exposed.
Burlington, founded in 1864, now with total assets of 10 billion US dollars,
entered the China market in 2000 through joint gas and oil development programs
in the South China Sea.
It has already drilled three gas wells in central Sichuan since the
company commenced its cooperation with Petro China's southwest branch company.
Morgan said the company will add an additional 50 million US dollars in 2004 to
increase the well's gas production from the current 200,000 cubic meters to 1
million cubic meters.
According to Morgan, Burlington will expand its cooperation with Petro China
in central Sichuan and other parts of the province to lift annual output to 1.5
billion cubic meters, with total investment adding up to 500 to 800 million US
dollars.
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