Last Updated :
09 November 2009 at 13:00 IST
CNPC, Chevron to develop Sichuan gas project
BEIJING (Commodity Online) : China’s leading Oil Company, China National Petroleum Corp and Chevron agreed Monday to develop a natural gas project in Sichuan Province.
In a statement issued here, CNPC said it has signed an agreement with Chevron's affiliate Unocal East China Sea Ltd for the project, which won the approval from the National Development and Reform Commission on Oct. 29.
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The Luojiazhai gas field project, in which CNPC holds a 51% stake, will involve a total investment of $4.7 billion.
It covers 2,000 square kilometers in the Chuandongbei area, with natural gas reserves estimated at 58.1 billion cubic meters.
The gas field will become operation in 2012, according to sources from CNPC
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