China: Sinopec Expands Proven Reserves
|
|
|
|
Wednesday, 31 December 2008 |
|
Sinopec has expanded its 2008 estimate for proven crude reserves by
104.08 mln tons at the Shengli oil field, against 102.03 mln tons in
new reserves a year earlier, parent Sinopec Group said.
The estimate for technically recoverable oil reserves at the field increased by 21.8 mln tons this year, the parent company said in a statement on its website. The company also expanded the estimate for proven gas reserves by 450 mln cubic meters this year with recoverable gas reserves rising 216 mln cubic meters.
The additional reserves have been certified by the Ministry of Land and Resources, the company said. The average recovery rate at the field is 20.2 pct in 2008, the highest since 2006, Sinopec Group said. Shengli field, the country's second largest onshore field, produced 27.7 mln tons of crude oil in 2007, up slightly from 27.4 mln a year earlier.
PetrolWorld 301208
|
