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Tuesday, August 19, 2008

CNPC Discovers Oil, Gas in Kazakhstan

China National Petroleum Corp. said it has discovered oil and natural gas in two blocks in Kazakhstan as the biggest Chinese oil producer steps up exploration to meet rising domestic demand for energy. PetroKazakhstan Inc., a unit of China National, made the discoveries in the Karaganda and Doshan blocks, the Beijing- based company said today.

Chinese oil companies have boosted investment in domestic and overseas fields in recent years to increase production as energy consumption rises in the world's fastest-growing major economy. China National paid $4.18 billion for PetroKazakhstan in October 2005, sealing the country's biggest energy takeover. The Karabulak-2 well yielded 203.2 cubic meters of oil a day, China National said in the statement. Daily oil flow at the Doshan-14 well reached 108.8 cubic meters. Oil output at the Doshan-15 well was 33.89 cubic meters a day and natural gas flow was 173,100 cubic meters daily, as of July 12.

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