USD 64.4711

0

EUR 71.5307

0

BRENT 60.15

0

AI-92 42.4

-0.01

AI-95 46.11

-0.02

AI-98 51.91

0

Diesel 46.13

+0.01

21

Sinopec to Secure Up Large Gas Finds

The new gas finds will be located south of China's biggest oilfield Daqing

China's biggest oil refiner Sinopec aims to secure up to three medium- or large-sized natural gas finds with reserves of 60 billion cubic metres (bcm) in Northeast China by 2008.

The new gas finds will be located south of China's biggest oilfield Daqing in the Songliao Basin, a Sinopec official, who refused to be identified, told China Daily Wednesday.

Analysts said the new discoveries, if successful, would significantly increase Sinopec's gas reserves and help the country ease its heavy reliance on imports for the cleaner fuel.

By the end of last year Sinopec had proven natural gas reserves of 83.6 bcm.