PetroChina Intends To Acquire 1 Billion-ton Large Gas Fields In The Middle East

Petrochina is in advanced talks with BP to buy a 10 per cent stake in the Khazzan field, a large natural gas field in Oman, from BP for $1.5bn.

According to statistics, as of 2012, the proven reserves of natural gas and condensate in Block 61 of the Khazzan Gas Field are approximately 100 trillion cubic feet, making it one of the largest unconventional natural gas fields in the Middle East.

Once the acquisition of the shares of Khazzan Gas Field is finalized, it means that PetroChina will potentially obtain 10 million tons of equity oil and gas equivalent. For enterprises, this will expand PetroChina's global business footprint and enhance the oil and gas resources; at the national level, this will add new guarantees to the safety of domestic oil and gas supply.