Brightoil Petroleum (Holdings) Ltd
Brightoil to See 500M CBM Increase in Annual Gas Production With Xingjiang Gas Production Enhancement Plans
[For Immediate Release] Brightoil to See 500M CBM Increase in Annual Gas Production
According to the May 14, 2015 resolution of the Joint Management Committee for Dina 1 and Tuzi Gas Fields, construction work for the Tuzi 103 platform and ground facilities will start with five new gas wells to be built. When the platform becomes operational, the daily production of Tuzi Gas Field is expected to increase by 800,000 cbm. Meanwhile, demonstrations for repairs and operational work for the Dina 11 well at the Dina 1 Gas Field will start, and efforts will be made to resume its production before August 2015. If this project goes smoothly, the daily production of Dina 1 Gas Field will be increased by 200,000 cbm. The resolution also proposed that preparation work for the exploration adjustment plan for Dina 1 Gas Field and reporting will be carried out in line with the current gas reservoir research and reserve review. At the same time, preparation of drilling will be started for the new Dina 1-3 well. If the exploration adjustment plan is successfully implemented and the Dina 1-3 well becomes operational, the daily production of Dina 1 Gas Field will grow by 500,000 cbm. The exploration adjustment plan is subject to the final approval of China National Petroleum Corporation. Dr. SIT Kwong Lam, Chairman of Brightoil Petroleum, said, “The Group has been actively expanding its upstream business, with a view to become one of the leading resources-based energy conglomerates in the world. To achieve this goal, we are actively looking for various ways to enhance the competitive strengths of our upstream business by bolstering our oil and gas reserves and production, to build a solid foundation for our sustainable growth. If the aforementioned projects are successfully implemented, our upstream business will enjoy phenomenal growth. Going forward, in the face of the complex and volatile energy market, the Group will continue to look for suitable acquisition targets, in particular premier gas assets, and strive to deliver greater returns to shareholders.” -End-
For additional information about Brightoil Petroleum, please visit the Company’s website at www.brightoil.com.hk. Press Release distributed by: Brightoil Petroleum (Holdings) Limited End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=URFEVBTBGU Document title: Brightoil to See 500M CBM Increase in Annual Gas Production With Xingjiang Gas Production Enhancement Plans Key word(s): Miscellaneous 27/05/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
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