Burlington replaces Anron in gas cooperation deal with Petro China

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Last updated at: (Beijing Time) Sunday, November 09, 2003

Burlington replaces Anron in gas cooperation deal with Petro China

Burlington Resources Inc., one of the largest petroleum and gas developer in North America, will launch a full scale cooperation project with Petro China, the leading state-run oil producer, in 2004.

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Burlington Resources Inc., one of the largest petroleum and gas developer in North America, will launch a full scale cooperation project with Petro China, the leading state-run oil producer, in 2004.

John Morgan, vice president of Burlington, said in its fist- phase expansion plan his company will invest 150 to US$200 million to develop gas resources in central Sichuan, a gas-rich province in southwest China. He expected the company's annual capacity in the province will reach 400 million to 500 million cubic meters in next few years.

A substitute for Anron, former US-based energy giant which signed the cooperation deal with the southwest branch company of Petro China in Aug. 1997, Burlington Resources took over the deal and became Petro China's new partner in the summer of 2001 after Anron scandals were exposed.

Burlington, founded in 1864, now with total assets of US$10 billion, entered the China market in 2000 through joint gas and oil development programs in the South China Sea.

It has already drilled three gas wells in central Sichuan since the company commenced its cooperation with Petro China's southwest branch company. Morgan said the company will add an additional US$50 million in 2004 to increase the well's gas production from the current 200,000 cubic meters to 1 million cubic meters.

According to Morgan, Burlington will expand its cooperation with Petro China in central Sichuan and other parts of the province to lift annual output to 1.5 billion cubic meters, with total investment adding up to 500 to US$800 million.

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