Nanpu reserves likely to top two billion tons, PetroChina official

Nanpu offshore and inland reserves is likely to hit two billion toe in five to six years, PetroChina's vice president and chief geologist Jia Chengzao told China Daily.

Nanpu now posts a more conservative figure of 1.18 billion toe of reserves, as released by PetroChina this year. The Ministry of Land and Resources in Aug. said Nanpu was assessed as holding 445.1 million tons of proved oil in place, 94.91 million tons of probable oil reserves, 86.59 million tons of possible oil reserves, 53.61 billion cubic meters (amounting to 42.7 million toe) of proved natural gas in reservoir and 11.17 billion cubic meters of probable gas reserves.

Nanpu's current proven reserve is sufficient for PetroChina to build an annual output capacity of 10 million tons by 2012, Jia said.