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21

France's Total Expands its Business in China

Total and PetroChina, a subsidiary of China's largest oil company China National Petroleum Corporation, signed a product sharing contract

The No 4 oil company in the world Total of France is expanding its business in China's oil and gas exploration and production sector.

Charles Mattenet, Total's senior vice president for Asia and the Far East, told Xinhua on Tuesday that his company plans to start exploring in north China's Ordos Basin next year with its partner PetroChina Company Ltd.

Total expects to invest 60 million to 80 million U.S. dollars in it's China project between 2007 and 2008, amounting for nearly 5 to 6 percent of Total's worldwide budget for exploration and production, said Mattenet.