CNPC to Develop a Gas Field in Turkmenistan

China National Petroleum Corp, will sign a deal to develop a gas field in Turkmenistan during an upcoming visit to Beijing by the Turkmen president, a news report said Friday.

China National Petroleum Corp. has signed a draft contract for the Turkmen field, Dow Jones Newswires reported, citing an unidentified official close to the deal. It said the official declined to disclose the size or value.

The report comes amid a flurry of deals by Chinese government oil and gas companies to explore for and develop energy sources in former Soviet republics, Africa and elsewhere.

An agreement is expected to be signed when Turkmen President Gurbanguly Berdimuhammedov visits Beijing July 17-18, the report said.

Turkmenistan has the second-biggest gas reserves among ex-Soviet republics after Russia, with proven commercial reserves of 2.8 trillion cubic meters.