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14

France Interested in Petroleum Business in China

France's oil giant Total is expanding its business in China

France's oil giant Total 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.

The Sulige project is Total's first exploration project in China since the world oil giant returned to the country after an absence of nearly 15 years.

Total came back to China because of improved investment conditions and the country's fast growing oil and gas market, said Mattenet.