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CNPC Discovers Oil, Gas in Kazakhstan

Source: http://kazakhstaneconomy.blogspot.com/2008/08/cnpc-discovers-oil-gas-in-kazakhstan.html
Posted on Tuesday, August 19th, 2008 | In Investing in Kazahkstan
Contributed by: Edward Hugh (http://globaleconomydoesmatter.blogspot.com) -

China National Petroleum Corp. said it has discovered oil and natural gas in two blocks in Kazakhstan as the biggest Chinese oil producer steps up exploration to meet rising domestic demand for energy. PetroKazakhstan Inc., a unit of China National, made the discoveries in the Karaganda and Doshan blocks, the Beijing- based company said today.

Chinese oil companies have boosted investment in domestic and overseas fields in recent years to increase production as energy consumption rises in the world’s fastest-growing major economy. China National paid $4.18 billion for PetroKazakhstan in October 2005, sealing the country’s biggest energy takeover. The Karabulak-2 well yielded 203.2 cubic meters of oil a day, China National said in the statement. Daily oil flow at the Doshan-14 well reached 108.8 cubic meters. Oil output at the Doshan-15 well was 33.89 cubic meters a day and natural gas flow was 173,100 cubic meters daily, as of July 12.

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About Edward Hugh (http://globaleconomydoesmatter.blogspot.com)
Edward Hugh is a macro economist, who specializes in growth and productivity theory, demographic processes and their impact on macro performance, and the underlying dynamics of migration flows.

Hugh is a founding member and regular contributor to a number of economics weblogs, including Global Economy Matters, Demography Matters and a number of others.

Edward 'the bonobo' Hugh is a Catalan economist of British extraction based in Barcelona. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again". He is currently working on a book with the provisional working title "Population, the Ultimate Non-renewable Resource".

Edward also writes regularly for the demography blog Demography Matters. He also contributes to the Indian Economy blog . His personal weblog is Bonobo Land . Edward's website can be found at EdwardHugh.net.

Edward follows in detail the Indian, Italian, Spanish, German and Japanese economies. He also has a more than a passing interest in the economies of Turkey and Brazil and in the emerging economies of Eastern Europe.

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