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Shell-PetroChina gas project hits record output

Jan. 11, 2012, 11:34 p.m. EST

By Wayne Ma

BEIJING -(MarketWatch)- The Changbei natural gas project owned by PetroChina Co. PTR +0.27% and Royal Dutch Shell PLC in northern China produced a record 3.5 billion cubic meters in 2011, the official Xinhua news agency reported late Wednesday.

The facility’s gas output was up slightly from 2010, when 3.48 billion cubic meters were produced.

The joint venture, located in Shaanxi province, has produced a total of 18.33 billion cubic meters since it began operations in 2005, Xinhua said, citing Tang Jiaqing, an official with the Changqing oil field, which operates the Changbei field.

The two energy companies are also cooperating in other gas projects in China. In December, PetroChina and Shell discovered shale gas in Sichuan province, and their gas exploration work in the Fushun-Yongchuan block is ongoing.

Changbei’s natural-gas reserves are estimated at 96.1 billion cubic meters, Tang said, according to Xinhua. He added that the joint venture plans to produce a combined 48 billion cubic meters between 2005 and 2025, Xinhua reported.

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